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Calyon has hired Fred Simkin as an executive director in product management and syndicate from a similar role at Wachovia Securities in London. He starts Monday and will focus on building global sales of cash, hybrid and synthetic asset-backed securities collateralized debt obligations. He is an addition to the team, reporting to Ally Chow, head of product management and syndicate in London, who declined comment.

Brazil's national development bank BNDES reported first half net profits up 81.1% on the same period last year. Earnings reached 3.32 billion reais ($1.55 billion) in the first half compared to 1.83 billion reais in the first half of 2005. BNDES pocketed 682 million reais from a secondary share offer by federal bank Banco do Brasil, reducing its holding in the bank from 5.7% to 2.9%. New lending dropped 9% to 18.2 billion reais compared to the previous year, as demand in the agricultural and export sectors declined. A drop in international prices hurt agriculture while a strong real currency caused trade financing in dollars to fall in value

Schefenacker 9 1/2% bonds dropped eight points to the 81-82 context after the German auto supplier posted bad second quarter results.

Poor second quarter results caused Movie Gallery's loan-only credit default swaps to widen 150-200 basis points to 700.

Meridian Automotive Systems' loans fell, Schefenacker 9 1/2% bonds dropped eight points to the 81-82 context and Movie Gallery's loan-only credit default swaps widened 150-200 basis points to 700.

Steve Sterling has joined Bear Stearns and will serve in a similar position as he held at Lehman Brothers. He had been head of Lehman's U.S. loan effort before leaving last year.

HSBC's head of investor sales in Hong Kong is joining RBC Capital Markets.

An index of credit-default swaps on preferred securities is set to start trading next month.

Argentina’s banks posted combined profits of 1.8 billion pesos ($584.7 million in the first half of 2006, Banco Central de la Republica Argentina reported yesterday. Private banks accounted for 1.1 billion pesos ($357.2 million) of this. Profits for the first half of this year were greater than the 1.8 billion peso ($581.4 million) profit for the full year 2005. The banking sector has become on of the most profitable sectors of the Argentine economy, after registering losses of 16.5 billion pesos in 2002, 5.3 billion pesos in 2003 and 900 million pesos in 2004.

Deutsche Bank, Merrill Lynch and CIT Group have committed to provide an $850 million credit facility for a merger between communications companies US LEC and PAETEC.

Morgan Stanley's familiarity with Oppenheimer Holdings' business helped it land the lead spot on the financial services company's first credit facility.