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UBS Warburg has hired Matthew Reader, an interest rate trader at Lehman Brothers in London, as a director and structured credit trader. The hire comes on the heels of the appointment of Kristian Sharp, head of credit trading for North America at Commerzbank Securities in New York, as an executive director and senior credit derivatives trader in London (DW, 5/5). Sal Naro, managing director and co-head of global credit derivatives in Stamford, Conn., said the hires are only some of the additions made by the firm over the last few months with the Swiss giant having added around 19 staffers since February. The credit derivatives market is continuing to grow in both depth and diversity and the hires allow the firm to meet increased demand for support, service and infrastructure from clients, he noted.

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.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

Changing the names to protect the innocent, or avoiding the flak of angry bankers? In a recent research report on collateralized loan obligations, UBS Warburg used the example of a retail store chain called Northern to demonstrate how early in the loan market new participants had to learn some painful lessons. After some terrible structuring decisions, the final distribution to bank lenders was a nickel on the dollar for a loan to this company. Next to Northern is a footnote, indicating that the name of the troubled borrower had been changed. Not for Dragnet-style reasons, but to "cut down on the hate mail we receive."

Global Crossing has been trading actively this week in the 201/2-21 context, up about a point from where the paper had come to rest for the last couple of months. Traders said the news that Hutchison Whampoa's Hutchison Telecommunications has decided to bow out of its agreement to acquire Global Crossing alongside partner Singapore Technologies Telemedia has cleared the way for bankruptcy emergence and propped the bank debt. The bank debt is ticking up toward its ultimate take-out value of roughly 23 cents on the dollar, explained one dealer.