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Huge demand from deal-starved investors this week led Dutch mortgage lender Obvion to increase its latest securitisation of residential mortgages from Eu1.523bn to Eu2.28bn, making it the largest Dutch RMBS deal launched to date.

The Office of National Statistics this week reclassified London & Continental Railways, which is building and operating the Channel Tunnel Rail Link, as a public company.

IKB Fund Management this week made a successful entry to the European arbitrage CLO market, pricing its debut deal at extremely tight levels. The Eu400m Bacchus 2006-1 offered investors exposure to a portfolio of senior and mezzanine loans, as well as synthetic securities. Arranger and underwriter JP Morgan managed to achieve extremely aggressive pricing on the subordinated tranches, with the Eu10m Ba3/BB- bond, which has an average life of 11.5 years, printing at an eye-catching 425bp over Libor. That comes some 25bp inside the equivalent tranche on Blackstone's Hyde Park, which printed in late January, and a whole 50bp inside the same tranche on Credit Suisse European Alternative Capital's Cadogan Square, printed in late November last year. It is the tightest print at the double-B level for any public European arbitrage CLO in recent market memory.

Recent weeks have seen a rapid acceleration in leveraged super senior issuance, prompting a series of dramatic swings in value in the index tranche market.

A big increase in asset-backed security issuance helped overall bond issuance rise slightly last year to $5.52 trillion compared to $5.49 trillion in 2004.

The following directory includes year-to-date search and hire activity for high-yield, distressed debt and CDO managers. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Kristen Haunss at (212) 224-3990, or fax (212) 224-3602.

Dana Corp.'s bonds fell on speculation that a proposed bank deal the company would use to pay off some of its notes may not happen.

Deutsche Bank and Bank of America launched syndication last Friday of a seven-year, $2 billion term loan for Fresenius Medical Care.

Only a small amount of General Growth Properties' $2.85 billion credit traded when it broke in the secondary market last week.

GSC Partners hired Robert Paine from Stanfield Capital Partners, where he was a distressed debt portfolio manager.

Credit Suisse is launching syndication of a five-year, $393 million term loan "B" for Hercules.