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Short-dated implied volatility on the U.S. dollar/Mexican peso spiked last week as traders scooped up options to cover positions on emerging markets currencies.

Bespoke collateralized debt obligations with five-year tenors have returned to the structured credit stage after a drought of several months.

Fortis Investment Managers is marketing a novel share-basket deal in France, based on a zero-coupon bond and equity option structure.

Don Lee, head of foreign exchange options trading at HSBC in New York, has left the firm, as has Steve Popp, responsible for fx derivatives trading at Barclays Capital in New York.

The number of multi-currency exotic options is large and growing.

JPMorgan in London has hired Raymond de Kuiper, previously at Morgan Stanley, as a v.p. and derivatives marketer covering Northern Europe.

Equity houses in Korea are pushing for regulators to change trading rules for the nascent warrants market in order to boost liquidity.

Bank of America and UBS have signed the $5.75bn facility for Hilton Hotels Corp. The loan comprises a $3bn five year revolver, a $2bn seven year term loan 'A' and a $500m institutional term loan 'B' targeted at non-bank investors. Five tickets were on offer: lead arranger tickets for $250m at 40bp; co-arranger tickets for $100m at 32.5bp; lead manager tickets of $75m at 25bp; and participant tickets of $50m and $25m with a fee of 25bp.

Loan Ranger can barely contain his excitement at the prospect of Allied Irish Banks' St Patrick's Day party next Tuesday, but in his calmer moments is already looking ahead to other social highlights. Close at hand is Bank of Ireland's project finance party, but if you don't fancy spending all night talking about traffic flow models, then wait until April 26, when the bank will be hosting a party for investment grade and leveraged finance bankers at that well-known Irish haunt — the Pacific Oriental Bar at 1 Bishopsgate.

Packaging company Multicolor Corporation has mandated ABN Amro to coordinate a $140m acquisition loan for Belgian packing company Bopak. The facility will be split into a $80m and $60m piece, the latter can be drawn in euros. EuroWeek hears the tenor of the facility is five years.

The most interesting feature of the euro swap market this week was that 30 year swap rates climbed above 4.0% and stayed there. Indeed, by the close yesterday, they were around 4.12%.