Search results for

Calyon is marketing an ABS version of its Credit Sail constant proportion portfolio insurance programme. ABS Sail will be a CPPI which reference the CMBS and ABS indices, offering notes rated triple-A at a mixture of seven and 10 year maturities. The coupon for the 10 year notes will be in the region of 300bp. The portfolio will comprise high grade ABS rated single-A or above. The transaction is long only and will not be managed.

A quiet time in the index markets after the roll in March has been punctuated by an interesting development in both the iTraxx and CDX indices.

BNP Paribas Asset Management has priced its first public CDO, a rare single tranche deal offering equity exposure to a portfolio of investment grade credits.

Remarks by Mr Donald L Kohn, Member of the Board of Governors of the US Federal Reserve, to the Federal Reserve Bank of Kansas City,

The Thai baht has strengthened to a six-year high against the US dollar because of increasing foreign demand. It now stands at 38.06 baht to the dollar. The gain in the Baht is likely to hurt the competitiveness of the country's exports. Macquarie Research economist Kitti Nathisuwan said that demand for the Thai baht increased after the central bank raised its key interest rate to 4.75%, the highest level since 2000, to counter inflation.

Brazil could have the same copper potential as the Zambia-Congo mineral belt, said Hernan Correa, president of Codelco Brazil. "It could be the same. They are old structural systems 700 million years old from before Brazil and Africa separated. There is very strong potential," he said. Correa said there are three or four districts with "world class potential": that allow at least ten years' production.

Barclays Capital has hired a German equity derivative sales team and also a hedge fund salesman, in a buildout of its sales coverage in London. Dirk Schremmer, Wolfgang Stefan and Axel Kaiser, all join from Morgan Stanley to cover sales to Germany and Austria. Walid Maaouni joins from Citigroup and will sell equity derivatives to hedge funds. The titles of all four and details of their roles could not immediately be determined.

Michael Raynes, global co-head of the securitized product group, has left Deutsche Bank.

HSBC has hired Matthew Kerfoot, v.p. in Credit Suisse's fund-linked structuring legal group in New York. Kerfoot is tipped to be taking a similar role at the firm, reporting to Lisa Roitman, senior v.p. in global structured funds. Roitman referred a call to Juanita Gutierrez, HSBC spokeswoman, who did not immediately return phone messages, and Kerfoot, reached on his cell phone, declined comment. Mary Claire Delaney, Credit Suisse spokeswoman, did not return phone messages.

Bear Stearns has hired Andrew Suh, managing director and head of equity derivatives marketing for Korea at Citigroup in Hong Kong, in a new role as a senior managing director in the structured equity products group in Hong Kong, to push into the growing Korean market. "We've built up a strong business in Hong Kong, Singapore and Taiwan and now want to leverage our platform," said Edward Ho, senior managing director and head of structured equity sales in Hong Kong. He noted the firm has additional hires in the works, declining comment on numbers. Last year the firm built out its equity derivatives business—centered in Tokyo—by hiring a team from Merrill Lynch to set up a desk in Hong Kong (DW, 3/18/05).

Spanish telecommunication company Telefonica has acquired a 50% stake in Colombian fixed phone operator Colombia Telecom, for $368 million. The other bidder for Colombia Telecom was Venezuelan Cantv (Compania Anonima Nacional Telefonica de Venezuela).

Darol Ryan, a principal in institutional equity derivatives sales at Bank of America in New York, resigned Thursday. He is tipped to be joining JPMorgan, but that could not immediately be confirmed.