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  • The Blackstone Group is starting a European collateralized debt obligation business based in London and hired Debra Anderson, portfolio manager at Intermediate Capital Group, according to BondWeek, an LMW sister publication.
  • Distressed debt investors have started to pile into Collins & Aikman debt after the bank loans and bonds took a massive dive late last month.
  • The Blackstone Group is starting up a European collateralized debt obligation business based in London and hired a staffer to spearhead the effort.
  • Distressed recovery rates will drop by over 10% this year, predicts Edward Altman, the Max L. Heine professor of finance at the Stern School of Business at New York University.
  • Federated Investment Management has been reversing its overweight position to cyclical corporates and its underweight to financials on the view economic growth is slowing, according to Joe Balestrino, portfolio manager of $5 billion in fixed income in Pittsburgh, Pa.
  • -- Joe Balestrino, portfolio manager of $5 billion in fixed income at Federated Investment Management, on why he will refrain from raising financials to neutral and from lowering cyclicals to neutral.
  • A spike in oil prices is the biggest threat to global economic growth and the capital markets as a whole, said Jack Malvey, chief fixed-income strategist at Lehman Brothers.
  • JPMorgan held preliminary meetings last Wednesday with a select group of investors in preparation for the syndication of the $4 billion term loan "B" backing the $11.4 billion leveraged buyout of SunGard by a club of blue-chip buyout shops.
  • International Index Co. is launching its iBoxx U.S. Dollar Bond Indices in response to investor demand for a neutral family of bond indices and is going head to head with existing providers of dollar-denominated indices such as Lehman Brothers and Citigroup.
  • West Gate Advisors, a subsidiary of Metropolitan West Asset Management (MWAM), has bought ING Capital Advisors, concluding an auction that began last December.
  • The ECP market has been busy over the past week, with bankers reporting that a number of sovereign-related credits have approached the market and been well received.