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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Citigroup Global Markets has hired Johanna Cubillos, a former marketer in fixed income structured products atCredit Suisse First Boston, as an equity structured products marketer to high-net-worth clients in New York. Cubillos said she will largely focus on Latin America in her new role. She reports to Kevin Murphy, managing director and head of U.S. retail equity derivatives, said Duncan King, spokesman in New York. Murphy did not respond to messages.

Colin Abernethy, a credit derivatives marketer at Commerzbank Securities in New York, has joined UBS as a director in credit derivatives and structured products. Jon Bass, managing director and head of U.S. fixed income sales in New York, to whom Abernethy reports, said this is part of the firm's plans to build its credit derivatives distribution. UBS also hired Jeffrey Wilner, credit derivatives marketer at Bear Stearns, as a director in credit derivatives sales in the summer (DW, 8/31). Abernethy did not return calls.

Barclays Capital has hired Filipa Teizeira, former marketer at Morgan Stanley in London, as a structured product marketer. She will report to Brett Tejpaul, head structured product marketing for the U.K., Scandinavia and the Netherlands in London. An official at Morgan Stanley said she left the firm at the end of last year.

Commerzbank Securities has hired Gerard Morris, credit derivatives structurer at Abbey National Financial Products, as an interest rate structurer. Morris will report to Jonathan Durden, senior structurer in charge of interest rate structuring in London.Neil Brazil, spokesman at Commerzbank, confirmed the move.

Crédit Lyonnais Securities has added a co-head to its hedge fund structuring group in London, tapping Fabrice Perez, head of the fund derivative group at Rabo Securities. Perez said he joined last month to work with Gilles Demaneuf, the other co-head. The position is newly created with the idea of expanding the fund-linked structured product business. The group structures principal-protected notes and derivatives that mostly have funds of funds as underlying assets.

Dollar/yen implied volatility fell last week ahead of President Bush's visit to Asia. Bush, who started a week-long visit to Asia on Thursday, is expected to make a speech regarding the strength of the dollar versus the yen. Traders predict this will result in a stronger yen, but were not trading around the likely outcome of the speech. Spot traded at JPY109.4 last Wednesday, compared with JPY109.6 the week before.

Credit Suisse First Boston is working on what is thought to be the first synthetic index of leveraged loans constructed as a credit derivative. The existence of an index will boost liquidity on default swaps referencing secured debt. Leveraged loans is a growing area of fixed income, but is not well developed as a reference entity for credit derivatives. As liquidity in the credit derivatives arena develops it is a natural extension to apply this technique to the secured debt market. David Carlson, global head of developed markets credit derivatives in New York, said the index is an extension of its research capabilities and is designed to boost liquidity and transparency in credit derivatives on leveraged loans. He declined to elaborate on its structure.

Five-year credit protection on DaimlerChrysler tightened last week because collateralized debt obligation houses were selling protection to structure CDOs. Credit protection on the corporate tightened 13 basis points in a week to 102bps Thursday, said a London-based trader. Other European auto stocks also saw a narrowing of credit-default swap spreads. For example, Volkswagen moved to 51bps from 61bps in the same period.

Fitch Ratings has reorganized its European structured finance team because Chris Hillard, head of commercial-mortgage-backed securities, quit to join Goldman Sachs. In the reshuffle, Huxley Sommerville, head of synthetic CDOs, takes Hillard's former role and Fitch has hired Richard Gambel, head of credit for Bank of Montreal-owned Links Finance, to fill Sommerville's shoes, according to Kenneth Gill, head of CDOs in London.