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Barclays Global Investors has launched a fund that invests primarily in sterling-denominated inflation-linked bonds. The new fund, called the Real Return Fund, debuted last week with

Barclays Capital has priced the notes for Gulf Stream Asset Management's Compass CLO 2002-1, a $300 million collateralized loan obligation. Gulf Stream is a new asset management firm founded by Mark Mahoney, who previously established Institutional Debt Management (IDM) and was head of the capital markets group at Wachovia Securities and First Union. One CLO manager said he was impressed with Gulf Stream's showing, noting that he perceived Mahoney as a not "in the trenches guy" at IDM, where he was more of a top boss. He also said Barclays' involvement is extremely welcome, because it is another underwriter that can find investors.

Bear Stearns Merchant Banking completed two separate credit lines to back the acquisition of Lerner New York/New York & Company from Limited Brands. The Bear Stearns private equity arm wanted a loan with a secondary lien on assets along with a three-year, $120 million revolver that was jointly underwritten by Congress Financial and CIT Group, said Bo Arlander, senior managing director at Bear Stearns. But the two lead banks would only do a loan with a first lien on assets, so the firm tapped Capital Source for a separate five-year, $20 million term loan. CIT and Congress do not provide second lien loans, she said. "It is in between a mezz and a 'B.' It's a hybrid" she stated, explaining the piece of debt.

A small piece of Broadwing's "B" term loan was rumored to have traded in the low 90s after the company announced that it would receive $200 million of six-year notes from a group of funds managed by Goldman Sachs. The financing has been pegged to pay down bank debt, but is contingent upon the renegotiation of Broadwing's current credit agreement. Broadwing currently plans to amend various aspects of its existing credit facility, including pushing out its 2004 maturities. "The capital we received from Goldman is the first step in renegotiating the facility," said a company spokesman.

Large pieces of Crown Cork & Seal traded last week as hedge funds looked to play the company's capital structure by buying the bank debt and shorting the bonds, according to traders. Chunks ranging from $10-20 million were believed to have changed hands in the 92-93 range. The total amount traded could not be determined. The paper was being quoted in the 89 7/8 91 3/8 range at the beginning of the month, according to LoanX. Timothy Donahue, senior v.p. of finance, could not be reached by press time. J.P. Morgan leads the bank debt.

Charter Communications strengthened this week after the company announced that it was pursuing a plan to streamline its operations. The bank debt had been trading in the 84 1/2 85 1/2 range, but firmed up to the 85 3/4 87 3/4 range. "The news was that they were going to consolidate and cut costs," said one trader, noting cash flow would likely improve. "I wouldn't be surprised to see it hit the 90s before the end of the year," noted another market player.

CIBC World Markets has hired Susannah Gray as a managing director and high-yield analyst focusing primarily on the healthcare sector. Ed Mally, CIBC's former head of high-yield research who was recently released from the firm, had followed healthcare, though it was not his primary coverage responsibility.

Commerzbank Securities hired Stan Liberman as a collateralized debt obligation structurer in its structured credit trading group in New York, according to Ed Mitchell, the firm's spokesman. He reports to George O'Dowd, head of structured credit trading, and will be in charge of structuring CDOs and credit-linked notes. Liberman could not be reached to comment.

A $6-8 million piece of Conseco traded this week at 66, up roughly six points from where the levels had come to rest over the last month. Traders said the name moved up with the likelihood that a reorganization plan would successfully be completed. One trader noted that there is increased interest in the name with more distressed buyers looking to move in on the paper. Repeated calls to Eugene Bullis, cfo, and a company spokesman were not returned by press time.

Credit Suisse First Boston's asset-backed and commercial mortgage-backed securities trading desks raised a total of $210,000 for lymphoma research last Monday night, $120,000 of which was pledged that night. The benefit was held in honor of CMBS syndicate head Barry Polen who has recently been diagnosed with the disease. The traders auctioned off the rights to shave their heads. Thirty-four Street pros were shaved, including several from other firms, including Mark Brown of Nomura Securities International, John Beaman ofLehman Brothers and John Bonfiglio of Fitch Ratings. Ben Aitkenhead, head of securitized product sales, was the night's most generous benefactor, pledging a total of $27,000 (see chart below). Aitkenhead did not respond to a phone call seeking comment by press time last Thursday.

Credit Suisse First Boston and Deutsche Bank are set to lead a credit backing plans by Amy Acquisition Corp., a Welsh, Carson, Anderson & Stowe company, to acquire AmeriPath. The deal will launch early next year. The size, pricing and structure of the debt financing is yet to be determined, said a banker familiar with the deal. The transaction is valued at $839.4 million, including AmeriPath's anticipated year-end debt of $106.9 million and an estimated $65.1 million in assumed contingent obligations. AmeriPath's outstanding common shares will also be converted into the right to receive $21.25 in cash per share. A Deutsche Bank spokesman did not return calls, while a CSFB official declined to comment.

Bank of America, J.P. Morgan, UBS Warburg, BMO Nesbitt Burns and Morgan Stanley have flexed down pricing on Del Monte's "B" piece to LIBOR plus 33/ 4% from LIBOR plus 4%. In addition, the banks have rolled a $300 million floating rate note into the $500 million "B" tranche, according to bankers familiar with the deal. There was word of investor grumbling about the consolidation of the two tranches because they initially liked the diversity offered with the "B" and note combination, said a banker. The note's spread was also a 1/4% higher than the "B" loan. The $1.4 billion debt package launched last month, with the "B" oversubscribing within days of launch. The "B" has since been twice oversubscribed. Bankers on the deal either declined to comment or did not return calls by press time.