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Syndication of the exit financing for UAL Corp., the holding corporation for United Airlines, launched last Monday.

The bonds of Visteon Corp. and Lear Corp. traded down as both companies announced additional charges and costs they would incur in 2005.

Credit Suisse First Boston launched syndication of $130 million financing for White Birch Paper Co. to partially back the acquisition of the Quebec company, Papier Masson Ltée.

A $510 million refinancing for American Media hit the market last Tuesday.

Barclays Capital has hired Jerry Hammerschmidt as a director in New York selling structured products to financial institutions.

A robust economy and rising issuer demand for financing is expected to drive an increase in corporate bond issuance and collateralized debt obligations this year, according to an annual survey of members of the Bond Market Association.

Economy minister seeks to reassure as won soars

BNP Paribas has hired George Stien, v.p. in institutional derivatives sales, to sell listed options, exchange-traded funds and ETF options to hedge funds. Stien joined Jan. 11, reporting to Todd Steinberg, deputy head of equities and derivatives in the Americas, in New York. "This is the beginning of our building a full-service listed derivatives and ETF sales and trading desk," said Steinberg. He expects to add four more salespeople and four to six traders in the next month and a half.

Gonzalo Amian, a v.p. in derivatives marketing at Goldman Sachs in London, has left the firm. Amian sold credit, equity and interest-rate structures to clients in Iberia and reported to Jose-Antonio Carreterro, head of Iberian sales, who was unavailable for comment. Rebecca Nelson, spokeswoman in London, confirmed the departure, declining comment on a replacement.

Dresdner Kleinwort Wasserstein has hired a structurer from JPMorgan in London.

The International Swaps and Derivatives Association plans to release a draft update to the 2005 Novation Protocol on Thursday, with the hope of launching a final version in February. The document, officially called the ISDA Novation Protocol II but known colloquially as the Evergreen Protocol or NPII, is intended to make signing up easier for new market entrants and other dealers and funds that missed committing to the original form (DW, 12/23). The adherence period for the original protocol closed Nov. 30 with more than 2,000 market participants signed up.

The International Swaps and Derivatives Association is planning to launch a template tomorrow for trading convertible-bond asset swaps. The convertible asset swap template will standardize documentation for bond options and swaps transactions--currently negotiated bilaterally between dealers and clients--and is expected to enable greater liquidity and the development of an inter-dealer market.