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  • Robert Alloway, high-yield credit default swap trader, has taken over temporarily trading loan-only credit default swaps at Lehman Brothers, following the departure of Jeremy Vogelmann in July to join Barclays Capital (CIN, 7/31).
  • Citigroup has downgraded its recommendation on Poland's top bank, PKO BP, from “buy/ medium risk” to “hold/medium risk.” The downgrade follows weak second quarter results.The target price has increased from 38 zloty to 41 zloty, despite the downgrade, as Citigroup is now using 2008 financial forecasts, instead of 2007, as the basis for their equity valuation. PKO BP was trading 0.54% down at 36.5 zloty at 11 am GMT.
  • JPMorgan is recommending a ratio Thai baht call spread to take advantage of further appreciation against the U.S. dollar.
  • Lawyers and dealers have been checking up on documentary provisions for equity derivatives linked to Apple, since Nasdaq warned the stock may be delisted because of a delay in its quarterly filing.
  • This week: US treasury and emerging market curves de-link, unwind short trades on Venezuela, CEEMEA posts stronger earnings than Asia, while Asia's exports continue apace
  • Banks operating in Bulgaria, the Czech Republic and Slovenia are the least exposed to currency risk, a report of Standard & Poor's on banks in Eastern Europe sayss. At the other extreme are the banks in Romania and Hungary, where the share of credit denominated in foreign currency is constantly increasing, Of loans extended in Bulgaria for the first six months of the year, lev loans amounted to 104 million lev; those denominated in euros, 8.3 billion; and loans in other currencies 487 million lev.
  • Kevin Corgan, executive director in high-yield cash and credit derivatives trading at Morgan Stanley in New York, has left the firm. He is tipped to join JPMorgan in October as head of high-yield trading, but was on gardening leave and could not be reached for comment.
  • Beth MacLean, formerly director and portfolio manager at Nomura Corporate Research and Asset Management, has joined Lord Abbett& Co. Robert Alloway, high-yield credit default swap trader, has taken over temporarily trading loan-only credit default swaps at Lehman Brothers, following the departure of Jeremy Vogelmann in July to join Barclays Capital
  • Beth MacLean, formerly director and portfolio manager at Nomura Corporate Research and Asset Management, left the firm and has joined Lord Abbett & Co.
  • Bear Stearns has hired Brad Mazur, managing director in credit derivatives structuring and marketing, from JPMorgan in New York.
  • Remittances from Mexicans abroad have totalled $80.2 billion since December 2000, the Mexican Central Bank reported. Remittances under President Vicente Fox have tripled compared to those under Ernesto Zedillo between 1994 and 2000. Remittances for the first half of 2006 were up 23% on the year before, at $11.4 billion.
  • Royal Bank of Scotland is expanding its equity derivatives presence in Asia following a senior hire.