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Investment manager Alcentra, a subsidiary of the Bank of New York which runs more than USD7 billion in assets, is hedging fx risk on a high-yield collateralized loan obligation. The structure will feature a string of cross-currency asset swaps to hedge the currency mismatch between euro assets and any non-euro liabilities.

M R Pridiyathorn Devakula, Governor of the Bank of Thailand, speaks on the country's futures markets.

Hong Kong Budget, India Economy

ABN AMRO is setting up an internal hedge fund named Merebis Capital Management.

Hungary Ratings Outlook

Chilean Trade Surplus

IXIS Corporate & Investment Bank has hired Claus Hecher, a managing director in equity derivative sales at Bear Stearns in London. Based in Frankfurt, Hecher will be responsible for sales of equity derivatives and fund of fund products into Germany, Austria and Eastern Europe. He replaces Michael Neumayer, who transferred to London late last year to head global equity sales (DW, 10/7).

UBS has restocked its credit desk by hiring Seth Pierpoint, a trader covering energy names, and Mike Cannon, an auto credit trader to replace Daniel Brereton and Chris Rekow, who left the firm last year (DW, 2/20). They report to Michael Morris, managing director for cash and credit derivatives trading in Stamford, Conn. Morris was on vacation and traders referred calls to Kris Kagel, UBS spokesman, who confirmed the hires. Pierpoint and Cannon were not available for comment.

Macquarie Bank has transferred Matthew Long, head of equity derivative sales, from Singapore to Hong Kong, to assume a more regional remit and expand its presence. Long built up an equity derivatives desk in the Lion City to tap the emerging warrant market and private banking business (DW, 12/3). He said the desk is now up to eight staff and will grow by 50% this year. "Singapore has become a very important market for us," he said. In addition to Singapore and the firm's equity hub in Hong Kong, Long said in this new role he will be looking at growing the business in other markets in the region, declining to elaborate. The Aussie house will be looking to build on its cash equity platform in Asia that it acquired from ING Barings (DW, 2/8/04), he added.

Sergio Ravich, managing director and head of fixed income sales to Spain at Credit Suisse, has left the firm. Ravich, who could not be reached for comment, reported to Osama Abbasi, co-head of fixed income coverage. It could not be determined if he has taken a new position. His role has been assumed by Savady Yen, head of fixed income sales to France and Benelux. Rebecca O'Neill, spokeswoman in London, confirmed the move.

Some credit dealers are holding off entering the budding tranchelets market because of uncertainty over correlation risks. They say the instruments are extremely sensitive to even the smallest change in the correlation curve and these minuscule changes can be hard to predict. "Because of the narrow attachment points, a small move in the curve will have a big impact on the tranche," said one dealer at a top-tier credit house.

China FDI Surges, India Scraps Bond Sale