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Wachovia Securities is marketing a $400 million collateralized loan vehicle for Guggenheim Investment Management, run by a triumvirate of ex- J.H. Whitney & Co. loan pros and using funds from the Guggenheims and other families. Todd Boehly, Steve Sautel and Adrian Duffy, managing directors for the investment shop, left J.H. Whitney at the start of the year. The debut vehicle, titled Guggenheim 1888, is one-third ramped-up and the eventual mix will be 90% loans and 10% bonds, said a banker. Boehly declined comment on the vehicle.

Joops@bloomberg.net ... Emailing individuals via their Bloomberg accounts can lead to misunderstandings. At least it did for one LMW staffer, who mistakenly left out a character in a Bloomberg address when trying to set up a meeting with a trader. She spent the week corresponding with a different guy of the same name who believed a friend was playing a joke on him. The situation finally came to light after the wrong guy failed to show up at the designated time and place.

The Deal Roll-off Chart, provided by Capital DATA Loanware, lists the 50 largest leveraged credit facilities in the U.S. market that are due to mature in the coming month. It is designed to provide a look at potentially available money in the market as credits are renewed or retired.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

TIAA-CREF will rotate 5-12% of its intermediate bond portfolio, or $270-648 million, from Treasury Inflation Protected Securities into mortgage-backed securities, corporates and nominal Treasuries, according to Lisa Black, managing director and portfolio manager. Black declined to be more specific on the firm's potential purchases, saying that future allocation has not yet been defined, but spread products such as corporates and MBS will be given priority for yield purpose.

Solus Investment Funds, which manages £3 billion in fixed-income assets, is looking to add Tussaud's Finance asset-backed securities to its Solus High-Yield Fixed-Interest fund, says Kevin Doran, fund manager. The planned purchase is part of Solus' strategy to build up its cyclical exposure. Tussaud's has exposure to consumer risk, but given the nature of the business, the long time it has been in operation, and its portfolio of well-trusted brands, the issue is defensive in nature, says Doran. Tussaud's Group securitized its tourist centers and amusement parks in 1999, and Doran is eyeing the single-A rated tranche that trades roughly 130 basis points over gilts.

Volatility in credit ratings, a fragile global economy, political insecurity as a result of the terrorist attacks of September 2001 and the fallout from the burst TMT bubble have combined to wreak havoc on the corporate community over the past year. In this climate, corporate refinancing solutions have practically become a mainstream banking product. October, Mark Twain observed, is one of the most dangerous months to invest in the stock market, the others being July, January, September, April, November, May, March, June, December, August and February.

For the auto sector's Big Three life in the capital markets has become a lot more difficult. Their funding strategies have come under intense scrutiny and their benchmark bonds are being used as cheap hedges by some investors. For the once stable sector, spread watching is now the name of the game. In the following three articles, Neil Day and Danielle Robinson report on the progress of US autos in the international bond markets.

Despite initial scepticism, in recent years the euro denominated bond market has evolved into a true rival to the dollar market in terms of supporting the funding efforts of the major automotive companies. But can the single currency retain its importance for these benchmark borrowers?

Christoforos Sardelis, director general of the Greek Public Debt Management Agency

Aziz Farrashi, director general, international finance and organisations, Bank Markazi Iran