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NUI Utilities has entered into a letter of intent with a third-party lender for a $50 million unsecured credit to fund its short-term needs as parent NUI Corp.'s board of directors pursue the sale of the company, said Linda Lennox, director of investor relations.

JPMorgan and Morgan Stanley are launching an index of the 25 most liquid credit-default swaps in Asia. The firms launched a similar index in Australia last week and have been rolling out other regional so-called TRAC-X indices since April. "This will allow end-users and the dealer community to easily trade and hedge Asia as a macro-sector," said Robert Breden, executive director and Japan and non-Japan Asia head of investment grade trading and structuring in Tokyo.

Large pieces of Allegiance Telecom have traded over the last week as the levels for the company's bank debt continue on their upward push into the 92-94 context.

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.

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.

Banc of America Securities has placed the firm's high grade bond and credit derivatives business lines under one head and is planning a principal finance unit as part of an overhaul of its fixed income division. Principal finance is the hottest area of the structured credit arena, with several firms, such as Merrill Lynch (DW, 8/3), setting up desks. Market officials speculated that BofA's motivation for setting up the desk is to take advantage of the ripe secondary CDO market. Jeff Hershberger, spokesman in New York, confirmed the reorganization.

Ken MacKenzie, head of U.S. equity derivatives trading at Citigroup Capital Markets, has left the firm. MacKenzie, who could not be reached, is not yet thought to have joined a competitor. Bret Engelkemier, head of index options trading in New York, has taken on MacKenzie's responsibilities in addition to his existing role. Engelkemier said he is excited by the new role and sees a lot of market potential to develop the firm's trading presence and sign new clients.

Deerfield Capital Management is planning to issue a collateralized debt obligation of structured finance assets, and UBS Securities is underwriting the transaction, according to sell-side and rating agency officials. They said Chicago-based Deerfield, which was an active issuer of CDOs referenced to corporate credits but has not been as active in using structured finance assets as underlying collateral, is attempting to raise cash from investors to fund USD300 million in CDO liabilities. It will be backed by a mix of investments in various asset-backed sectors. Marketing on the transaction, dubbed Wolf Creek CDO, began late last month. The deal is expected to be priced later this fall.

Sean Mullen, senior marketer in equity derivatives, and David Himmel, high-net-worth salesman, have quit Commerzbank Securities in New York. Separately, a trader specializing in convertible bond-based trategies has returned. Himmel reported to Sam Gottesman, regional head of derivatives sales. He referred calls to Ed Mitchell, spokesman in New York, who declined comment. Mullen reported to Kumar Doraiswami, head of institutional sales, who did not respond to messages. Neither Mullen nor Himmel could be reached.

Crédit Agricole Indosuez has hired Alec Yin, interest rate derivatives trader at BNP Paribas in Tokyo, as a derivatives structurer in Hong Kong. Yin said he now handles structuring for interest rate and foreign exchange related products. He reports to Eddie Lee, head of fixed income in Hong Kong. Lee did not respond to messages.