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Mezzacappa Management has registered its first multi-strategy fund of funds with the Securities and Exchange Commission. The Mezzacappa Multistrategy Fund started with approximately USD50 million of initial capital from the firm, a market participant said. The fund is expected to take in external capital starting in the fourth quarter. It is designed for the institutional market with a USD1 million minimum investment, low volatility and a widely diversified pool of more than 30 underlying hedge funds, applicable for portable alpha strategies.

The CJ 50, an index of 50 Japanese credit-default swaps, has mushroomed to account for around 20% of credit trading volumes just weeks after its launch in the interbank market. BNP Paribas, Bank of Tokyo-Mitsubishi and Goldman Sachs set up the index, but five more firms including Bear Stearns and UBS now make markets in the instrument. Stephane Delacote, head of credit trading at BNP in Tokyo, expects 10 firms to be trading the index by year end. This will boost volumes to around 25% of the market, added Delacote.

"Back in early 2001 protection was less than 10 basis points. Now there are few trades but you would be lucky to get it done for less than 20bps."--Ebo Coleman, senior credit officer at Moody's Investors Service in London, explaining why the amount of risk transferred in the collateralized debt obligation market has fallen. For complete story, click here.

Judah Frankel, the inventor of the planned amortization class (PAC) bond, has re-emerged with a new firm, Fibonacci Capital. He is in the process of selecting a prime broker ahead of the launch of his Fibonacci Capital Fund in the fall.

Bristol & West, a U.K. bank owned by the Bank of Ireland, is selling a capital guaranteed dynamic bond to retail investors. Laurence Sanders, treasury product advisor to Bristol & West in Bristol said JPMorgan structured this product using OTC call options on the FTSE 100.

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.

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.