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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.

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.

To aid market participants in the adoption of the 2002 International Swaps and Derivatives Association equity derivatives definitions as the standard for documenting equity derivative transactions, ISDA recently published a User's Guide.

AXA Investment Managers is considering offering U.K. retail investors one of the first structured notes referenced to synthetic collateralized debt obligations by the middle of next year. Vincent de Martel, director in structured products and alternative investment management in London, said, "The biggest challenge is educating the retail client base about this asset class."

Five-year credit protection on British American Tobacco tightened by 10-12 basis points last week following a court ruling on the size of Altria Group's potential liability in a case for allegedly misleading smokers on the safety of light cigarettes. Credit-default swaps referenced to BAT traded at 85-89bps Wednesday. Protection on Altria, meanwhile started the week at 330bps and dipped as low as 191bps before coming back to 220-230 Thursday, according to a trader. There was good two-way business for BAT credit-default swaps for usual size trades of GBP5 million (USD8 million).

Two of BNP Paribas's fixed income derivatives marketers, Jin Oo Shin and Se Hoon Kim, in Seoul have left the firm. Reasons for their departures could not be determined by press time. The pair reported to T.S. Cheah, managing director and Asian head of derivatives and structured products in Hong Kong, who declined comment. Shin and Kim could not be reached.

Bear Stearns has transferred James Kenny, head of corporate bond trading in New York, to head the office's credit derivatives flow trading desk. Mark Davies, senior managing director and global head of credit derivatives in New York, said the move follows a reorganization that saw the former co-head, Martin St Pierre, move to London as global head of structured credit derivatives trading (DW, 9/7). Eric Langille, the other former co-head, recently left the firm and joined Commerzbank Securities, as head of credit flow trading (DW, 8/18).

Dresdner Kleinwort Wasserstein has hired Femi Adewale, credit-default swaps trader at Bank of America in London, as v.p. in a similar role. He will report to Paul Lewitt, head of credit derivatives flow trading in London, when he starts later this month. Lewitt declined comment.

One-month dollar/yen implied volatility leaped to 9.6% last Wednesday, up from 8.4% the previous week. The move came as many market participants started to think the Japanese currency was close to smashing through the JPY116 barrier, the Bank of Japan has been trying to protect. Last Wednesday the yen was trading as low as JPY116.15, down from JPY117.5 two days before. The currency pair had traded at JPY116.35 the previous week.

Jonathan Knight and Rick Lyon, managing directors and co-heads of convertible arbitrage proprietary trading at Goldman Sachs in New York, have both left the firm. Ed Canaday, spokesman in New York, said Knight and Lyon left several weeks apart from each other, with their responsibilities being assumed by existing members of the team. Knight and Lyon could not be reached.