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Export-Import Bank of India has made an impressive debut in the Samurai bond market, overcoming Japanese investors' reluctance to buy speculative grade paper.

Rating: Baa3/BB+/BB+

Smorgon Steel Group signed its A$560m multi-tranche revolving credit on January 30 in Sydney via a club of 10 banks. ANZ, BNP Paribas, Commonwealth Bank of Australia, National Australia Bank, Sumitomo Mitsui Banking Corp, Citigroup, Westpac Banking Corp, Mizuho Corporate Bank, Royal Bank of Scotland and HSBC were the mandated arrangers. The deal comprises a A$250m tranche with a tenor of one year nine months, and three tranches of three years nine months. Of these, one is for A$100m, while the other two are for A$105m.

Calpine Corp.'s $2 billion debtor-in-possession financing broke Friday and the second lein traded up to 103, bucking any concerns about its pricing and relatively light security.

All bankers out there; take note. With Moody's Investors Service saying default rates are going to rise in 2006, it might be wise to look into some of the methods of The Jammu and Kashmir State Financial Corp. in India. In cases of non-compliance, the JKSFC will not only seize the defaulter's mortgaged properties and take legal action, it will also send officials to the defaulter's residence and business to beat drums nonstop and publish their photograph in the newspaper. Defaulters, you've been warned.

Investors buying into the JPMorgan and Lehman Brothers-led financing for Dunkin' Brands are making an unusual short-term play that will have them paid off in about three months.

A proposed deal between Allied Capital and its asset management subsidiary, Callidus Capital Management, to buy Katonah Capital Management was called off.

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

Jeff Layman, director of investment services at BKD Wealth Advisors, a Missouri-based firm with more than $1 billion in assets under management, is shying away from corporates and is looking to shorter agencies in an attempt to lower his duration.

--Jeff Wolinsky, analyst at Standard & Poor's, on the subordination of Calpine's $2 billion debtor-in-possession loan to some of the energy company's pre-petition secured debt.

SunTrust Bank has hired Corey Pinkston to run high-grade bonds and John Gregg to run loan syndications.

The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.