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BNP Paribas and Morgan Stanley this week launched BNPP's second managed CLO of senior and mezzanine leveraged loans.

Dresdner Kleinwort Wasserstein on Wednesday launched Alexandria Capital plc, a synthetic collateralised debt obligation (CDO) referencing a static portfolio of triple-A asset backed securities.

Chicago-based hedge fund giant Citadel Investment Group has hired Anand Parekh, managing director and head of Deutsche Bank's North America structuring group, which spans credit and interest-rate derivatives in New York. Officials familiar with the move are interpreting it as a signal that the USD8.5 billion fund is beefing up its structured credit presence, especially as it comes hot on the heels of Vladimir Finkelstein, derivatives researcher at Goldman Sachs, joining in a senior credit analytics position. Institutional Investor magazine's 2003 hedge fund rankings put Citadel as the third largest hedge fund in the world.

Stressed names in the bank loan market were softer this week following the high-yield market. Names that were particularly under fire were those with some type of corresponding bond. "They're basically bonds with a credit agreement," said a trader of these names, which include Qwest Corp. and Calpine Corp. These names also have more non-traditional institutional loan investors such as hedge funds, noted one dealer.

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.

Abbey National Financial Products plans to sell embedded knock-in digital puts as part of a high-income product it is offering. The retail product gives investors exposure to the 10 largest FTSE 100 stocks through a reverse convertible, according to Andrew Brogden, senior trader in London.

BNP Paribas is setting up equity derivatives flow sales desks in London and Paris. Christian Kwek, head of equity derivatives marketing for Europe in London, said, "We would like to be able to offer a wider product base to our clients." He added, "This will help us to diversify our product portfolio and increase client penetration."

BMW Finance is thinking of entering an interest-rate swap to hedge the interest rate risk on a recent 15-year EUR750 million (USD850 million) bond. Elmer Steurer, co-head of capital markets in Munich, said, "We are thinking of converting part or all of the bond into a floating rate [bond]."