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Charter Communications' bank debt traded up this week to 97 3/8 from a previous level of 95 3/4. Dealers reported about $10 million changed hands. Buyers and sellers could not be determined. The credit recently notched down on Adelphia Communications' new deal flooding the market with more cable paper. Dealers remain optimistic on cable names, but say where anything lands remains a mystery in current market conditions. "Just because $2.5 million of Charter traded at 96 doesn't mean the market was down; it just means one person wanted to sell," a dealer said, explaining why market fluctuations occur. "If I were to buy $10 million of Charter, it would push [levels] back up." Charter is a cable company based in St. Louis, Mo.

First Union is wrapping up a $175 million revolver for Danville, Va.-based Dimon, and is on the road as lead arranger with a $175 million note offering for the leaf tobacco merchant. Ritchie Bond, senior v.p., treasurer, commenting through a company official, said refinancing portions of the current debt with additional long-term debt improves capital structure flexibility while likely increasing the effective cost of borrowing in at least the short term. First Union led the last revolver and Deutsche Bank is a lead manager on the bond deal. Closing of both the bond and credit facility is expected at the end of the week. The company official declined to comment on pricing. Pricing on the last $250 million revolver arranged in June 2000, is LIBOR plus 3 1/4%, according to Capital DATA Loanware.

It is still early days on Exopack's $110 million credit - launched by BNP Paribas, CIT Group and Heller Financial last week -- but bankers suggest the asset-based deal will be a relatively safe bet right now. The credit includes a $60 million revolver, a $30 million term loan "A" and a $20 million capital expenditure facility. There is strong collateral and asset coverage, which is what lenders are looking for right now, bankers said. Pricing on the pro rata is LIBOR plus 3% based off a grid, noted a banker.

Triad Hospitals' bank debt traded at 100 7/8 early this week with dealers attributing its resiliency to being a hospital credit. "It's defensive. If the world were to blow up, you'd still need it," a trader said. Triad has stayed in the 101 range since April, when it started to get a boost by resurgence in the health care industry. The Dallas-based company owns and operates 50 acute care hospitals and 14 ambulatory surgery centers primarily in small-sized cities in 17 countries. Calls to Burke Whitman, cfo, were referred to Pat Ball, v.p. of marketing, who declined to comment.

Hayes Lemmerz' bank debt traded down to the 75 range, a six point drop in a week, following a conference call by the company. Wyndham International's "B" paper is trading around 80. Dealers reported better occupancy rates and recovering optimism on some hotel credits. Wyndham, which had traded in the high 99 range before Sept. 11, dropped to the low 80s shortly after the attack. In par news, Charter Communications' bank debt traded up last week to 97 3/8 from a previous level of 95 3/4. Triad Hospitals' paper is trading at 100 3/8, and its strength is attributed to a defensive health care sector. Dealers reported about $10 million changed hands. Nextel Communications' paper is bid at 85, but no trades have been reported.

The Japanese credit derivatives market started to quote credits with the International Swaps and Derivatives Association's modified restructuring language Monday, after most dealers had agreed on this date. Market makers expect this to boost end user participation and Manabu Yokitomo, deputy manager of credit derivatives and structured finance at the Tokio Marine & Fire Insurance Co. in Tokyo, validated their claims. He said, "we're hungry for Japanese names and will look to invest as soon as the modified restructuring language is common," said Yokitomo. "We'll be more comfortable in investing in Japanese names [under the new language]," added Yokitomo. The insurer already sells credit protection in Japan and uses the modified language on U.S. and European names.

UOB Asset Management, the fund management division of Singapore's United Overseas Bank, expects to start buying and selling credit derivative products within three months. "We're just waiting on the paperwork," said Shee Keen Yip, fund manager in the fixed-income department. Yip continued that once the legal paperwork is out of the way the fund will look to both invest and buy protection on its underlying bond positions through credit-default swaps and credit-linked notes. Yip continued that the fund will first start using credit-default swaps in smaller increments, between USD5-10 million, declining to elaborate on an estimated total notional exposure. It has a fixed-income portfolio of SGD1.2 billion (USD669 million).

Heng Koon How, foreign exchange options strategist at ABN AMRO in Singapore, resigned last month. He reported to Stan DeGroot, Asian head of foreign exchange options. DeGroot referred calls to a spokesman. Li Koon, spokeswoman in Singapore, said the firm is looking for a replacement, declining further comment. An official at ABN said he believes How is joining Standard Chartered in Singapore. A currency trader at StanChart declined all comment. How could not be reached.

Deutsche Bank is gearing up for a push into marketing equity structured products to U.S. investors, in advance of a change in legislation that is expected to open up the market. Johan Groothaert, head of equity structured products in London, said the firm is awaiting legislation to take effect that would allow it to sell products, such as reverse convertibles and equity-linked notes, to retail investors in the U.S. Currently securitized products structured with over-the-counter options are prohibited for sale to retail investors because they are considered options, but starting in January they will be deemed contracts, said Groothaert. Another official at the bank adds this is part of a broader package of Securities and Exchange Commission rule changes.

Deutsche Bank has hired Eric Soderlund, an equity derivatives salesman at UBS Warburg in New York, to fill a similar role, according to market officials. Headhunters said Soderlund's hire is one of several the firm's equity derivatives group is planning to make over the next several months to build its sales team. He reports to Rick Goldsmith, head of equity derivatives sales.

CIBC World Markets has hired Tom Wadsworth, an equity derivatives trader at J.P. Morgan in New York, in a similar position. Wadsworth fills a position left vacant by the departure of Richard Suth, who left the firm in July after five years, said Paul Beck, head of equity derivatives trading. Beck added that hiring Wadsworth is part of an overall expansion of the equity derivatives group in both New York and Toronto. CIBC is looking to hire two more equity derivatives marketers in New York and has recently hired two marketers for its Toronto division.

BNP Paribas has hired Alan Dunne, a foreign exchange technical strategist at Bank of America in Singapore, as a London-based strategist for the major developing currency markets in the European time zones. Dunne said he will cover currency and local debt market strategy, including foreign exchange derivatives strategy and interest-rate swaps, for Poland, Hungary, South Africa, Turkey and the Czech Republic.