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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.

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.

Three of ABN AMRO's derivatives marketing team in Seoul have joined rivals. Jake Koh, head of derivative sales, has jumped to Goldman Sachs in Hong Kong, while Tan Kang, derivatives marketer, has joined Credit Suisse First Boston, and Jae Kwung Lee, has gone to Samsung Investment Trust Management Co. The trio reported to S.H. Baek, treasurer in Seoul, who did not return calls. Li Koon, spokeswoman at ABN, declined comment.

American Electric Power is evaluating entering a total return swap for the first time and has purchased USD30-40 million (notional) of credit-default protection on one of its counterparties. Total return swaps could be used as a hedging tool when credit derivatives are not available on certain corporates, for example for names which are not liquid, noted an official at the firm in Columbus, Ohio. A total return swap would function similarly to a credit-default swap, by synthetically shorting a bond, with AEP paying the return on the bond and receiving LIBOR plus or minus a spread.

Synthetic collateralized debt obligations referenced to asset-backed securities have recently arrived in Asia and several firms, including JPMorgan and BNP Paribas, are scrambling to close deals. "With spreads tight, investors have no choice but to think about new products," said Mahesh Bulchandani, managing director and head of structured credit products at JPMorgan in Tokyo. Bulchandani continued that the firm is hoping to complete the first synthetic CDO that combines both Japanese and Asian ABS underlying. The deal would likely be over USD500 million.

Government-owned South Australian Asset Management Corp, which manages and realizes around AUD6 billion (USD3.78 billion) of assets and liabilities for the state, is looking to tap the interest rate swap market to convert several planned debt issues. Bruno Bellon, portfolio manager in Adelaide, said SAAMC will issue more than AUD25-50 million in the coming months because several of its outstanding bonds are set to mature. The corporate's fixed income portfolio is approximately AUD3.5 billion.