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For the third year in a row JPMorgan and Credit Suisse reign supreme as the top par and distressed loan trading desks, respectively, in Credit Investment News' annual Best Trading Desk survey.

Bulgaria’s sovereign debt stood at 6.47 billion euros at the end of March 2006, the Ministry of Finance announced. Domestic debt stood at 1.51 billion euros and foreign debt at 4.96 billion euros. In nominal terms, sovereign debt fell by 26.2 million euros over the month, as more debt was paid off. State and state-guaranteed debt at the end of March was equivalent to 27.8% of Bulgaria’s GDP. Most of Bulgaria’s sovereign debt is denominated in euros: 70.1%, followed by the US dollar: 14.8%, and Bulgarian leva: 13.3%.

Thibaut Antoine, a senior equity derivatives trader at BNP Paribas in New York, has resigned. He is tipped to join Goldman Sachs in a similar role, reporting to Paul Russo. Russo did not immediately respond to a message and Antoine was on gardening leave and could not be reached.

Growth in the credit-default swap market has slowed, according to the Bank For International Settlements, and credit players have attributed the deceleration to investors becoming more risk adverse. "Investors aren't storming into CDS the way they used to," said one strategist at a European firm in London.

Maritza East 1 E 1.15 BILLION

Gazprom $13.1 BILLION

The sheer volume of foreign lending to the CIS is staggering. But as spreads are being forced down to thankless levels, bankers ask how long the cheer can last

Central European nation becomes first to leave EBRD

Hungary’s new government is scrambling to come up with a plan to slash the country’s bloated deficit. Amid the troubles, there are signs of hope

Officials warn of hedge fund risks

Manchester University's Stefan Lutz argues that the recent slowdown in foreign investment has slowed down growth, rather than the other way round.

The Polish government’s multi-pronged political attack on the country’s central bank imperils the stability of the banking sector, says its deputy governor, Jerzy Pruski. Markets, it seems, agree