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The Republic of the Philippines stepped into the international bond market for a $400m two tranche tap on behalf of impoverished power utility National Power Corp (Napocor) on Tuesday, taking advantage of the news that President Gloria Macapagal-Arroyo had pulled ahead of her rivals in opinion polls for the presidential election, due on May 10.

Appleton Partners is looking to increase its corporate allocation by 5% or $15 million of its $300 million portfolio. Bonnie Tracy, portfolio manager in Boston, said she may raise the investment-grade corporate allocation to 60% of the portfolio.

Along with death and taxes, volatility in the auto sector appears to be one of life's certainties and although there is no shortage of news drivers, rumors of forthcoming supply are up there among the best reasons for causing spreads to widen.

Robeco is looking to scale back its investments in the subordinated debt of European insurance companies.

Two former high-yield stars at Donaldson, Lufkin & Jenrette have been reunited at a credit hedge fund.

Some new faces will be seen at UBS' annual Cinco de Mayo party this year.

--Dick Cryan, high-yield portfolio manager at Evergreen Investments.

Resource America, a Philadelphia asset management concern behind the Trapeza collateralized debt obligation shelf, has set up a start-up venture to buy asset-backed securities and repackage them into CDOs. The company has hired Dan Nigro, a former buy-sider, as a portfolio manager and head of credit and has set up an office in New York. Resource America's new platform, dubbed Ischus Capital, plans to retain part of the equity of the ABS CDOs it sells and aims to "build a larger, more diverse business managing a broader range of fixed-income securities," Nigro said in a letter to colleagues.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.