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URS has shuffled funds from a bond issue to the bank portion of a financing package backing its $500 million acquisition of EG&G Technical Services. "The bond market was tough, and bank debt is much cheaper," said Kent Ainsworth, cfo. "URS had the opportunity to put $25 million from the bonds onto the senior secured, replacing 12% notes with 6% bank debt." The "A" term loan was increased from $100 million to $125 million, while the bond issue was decreased from $250 million to $225 million. The bonds eventually ended up at $200 million, as $25 million generated from cash flow enabled a further reduction, he noted. In addition to the "A" term loan, the bank debt includes a $200 million revolver, which is undrawn, and a $350 million "B" piece.

TD Securities and Bank of Nova Scotia are launching a $400 million bank deal for Temple Inland in Austin, Texas, on Sept. 10. The purpose of the financing is to take out the existing 364-day facilities and increase the line of credit, a banker said. The new facility is equally split between a three-year and a five-year revolver, both priced at LIBOR plus 11/ 2%, he noted, adding that there is a facility fee of 50 basis points on the unused portion. Participation fees have not been announced yet.

Barclays Capital is establishing an emerging markets desk in London, according to a senior official familiar with the plans. The new desk will be under the jurisdiction of Diego Gradowczyk, managing director and head of Barclays' New York-based emerging markets desk. Gradowczyk says it is too early to comment on the new London desk and declined to say how many or what kind of emerging markets fixed-income professionals he is seeking to hire.

Karen Kluvin has joined Bear Stearns'commercial mortgage-backed securities trading desk. Tim Koltermann, managing director in charge of subordinated CMBS trading and the person to whom Kluvin will report, says she will assist him in CMBS trading activities and to some extent, conduct some CMBS research. But, the bulk of her job will be managing the bank's repo book, he says. This function requires managing the risk associated with the position the bank takes when it lends a portfolio of CMBS bonds to its clients through the repo market.

Bear Stearns Asset Management has begun to proactively market its bank loan separate account capabilities to non-profit investors for the first time, according to sister publication Money Management Letter. The effort is being undertaken as part of a larger re-evaluation of the investment needs of foundations and endowments in the current market environment. "Many non-profit plans have been heavily equitized, and there is an examination going on as to whether that is still appropriate," said Maureen Mitchell, managing director of institutional marketing. "You might see a shift into fixed-income and other deflation-hedging strategies."

Juan Limandibrata, assistant treasurer, funding division head

Trevor Gloyn, treasurer

Jürgen Karcher, member of the board of directors, responsible for group treasury and funding

Sylvie Vade, chief executive officer

Brian Morrison, director, group treasury and international, Abbey National Treasury Services

John The Losen, vice president of debt marketing, and Mary Lou Christy, vice president of investor relations

René Karsenti, director general, finance