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Turkish President Ahmet Necdet Sezer approved the government's nominee, Durmus Yilmaz, as the new central bank governor. The markets welcomed the appointment of Yilmaz as the new central bank chief. Yilmaz, who joined the Central Bank in 1980, has been a member of the bank's monetary policy board as well as its executive board. An interim governor has headed the central bank since the Surreyya Serdengecti, retired on March 13 2006. The President vetoed the government's first candidate for the post, Adnan Buyukdeniz, since he had worked only in an interest-free Islamic bank, operating according to Islamic rules.

Eric Miller, head of structured products sales at ABN AMRO in New York, has left the firm. He is reported to be heading to another investment bank to head its equity structured products desk. His exact destination could not be determined and Miller could not immediately be reached. Patrick Phalon, ABN spokesman, did not immediately return a phone message.

Bank of America has nabbed Mayur Jethwa, a senior credit-default swap trader at Credit Suisse in London who is considered to be one of the top traders in the banks and financials sector. An official familiar with the situation said he left the U.S house this week.

First speech by Mr Durmus Yılmaz, newly-appointed Governor of the Central Bank of the Republic of Turkey, Ankara

Five European banking institutions are negotiating for the purchase of 100% stake in the Czech Republic's eBanka from financial group PPF. The suitors comprise Italian financial groups UniCredit, Intesa and Banco Popolare di Verona, Austrian Raiffeisenbank International and British HSBC. Interested parties are carrying out due diligence on eBanka, which precedes the bids submission. Raiffeisenbank International has allegedly made the most progress with negotiations. eBanka audited net profit reached 10.5 milllion Czech Koruna in 2005 after three years of losses. The bank's assets totalled 17.347 billion Koruna at the end of 2005, up 25% year-on-year.

Growth of index-linked credit default swaps trading has surpassed that of single-name CDS trading, according to a Fitch Ratings report.

Talk about a Knock Out deal.

--Stephen King, head of synthetic ABS CDOs at Barclays Capital, on the growing popularity of index-linked CDS trading in the asset-backed market.

Moody's Investors Service is trying to head off more criticism about the effect its new ratings will have on collateralized loan obligations, issuing responses to the comments levied by market participants.

Credit Suisse First Boston's Leveraged Investment Group (LIG) set up a London platform to manage leveraged loans, mezzanine debt and high-yield bonds.

Hybrids have become the offering of choice in the retail market now that the institutional market has been roiled by the National Association of Insurance Commissioners' decision to classify some hybrids as common stock.

This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market.