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Global Crossing's bank debt was actively trading in the street last week with small pieces of all tranches trading flat in the 18-19 context. The latest movement comes as reports indicate that IDT Corp. will make a $255 million bid for the bankrupt company. Howard Jonas, IDT's Chairman said in a statement that an IDT purchase of Global Crossing would be good for the United States' economy and national security, whereas the proposed sale to Hutchison Telecommunications Limited and Singapore Technologies Telemedia would compromise security.

General Motors Acceptance Corp. has issued what is believed to be the first Dutch residential-mortgage backed securities deal in which the interest-rate risk is hedged. In this E400 million ($430.74 million) securitization the special purpose vehicle has entered an interest-rate swap with Citigroup, in which it pays the fixed rate it gets from the portfolio of mortgages and receives three-month EURIBOR, the rate it needs to pay on the notes. In previous transactions the issuer has had to hold the risk of interest rates falling and homeowners refinancing their mortgages, also known as prepayment risk.

Goldman Sachs has reconfigured its London-based collateralized debt obligation group. The firm has split its synthetic and cash CDO teams and brought the cash business into the same group with principal finance and securitization, says an industry official. Goldman appears to be the first firm to split the cash and synthetic CDO businesses apart. The synthetic CDO group is now a stand-alone entity.

New York-based American Capital Access is looking to add two asset-backed securities analysts, says Maryam Muessel, chief operating officer. Both analysts will report to Laura Schwartz, managing director and senior credit officer for ABS, who supervises a group of 60 staffers. Schwartz says both positions are newly created due to the growth of the firm's structured finance operations. The two new analysts will be in charge of making recommendations for bond purchases. One will specialize in residential mortgage-backed securities while the other will be a generalist.

A group of high-yield paper and forest products companies are expected to tap the market to refinance close to $2 billion in high-yield bonds over the next year, according to sell-side analysts. Some of the issuance may also be the result of M&A activity, with rumors that certain Enron-owned facilities may be bought by companies in the sector, says Joe Stivaletti, analyst at Goldman Sachs.

Dole Food Company's $600 million "B" loan was nearing its filling point as LMW went to press last week. Market players noted that commitments started flowing in faster after conference calls were held that further explained the deal's structure. A banker familiar with the credit explained that the institutional piece is being issued from Dole's Bermuda-based operations and the call helped clarify related details. "It allows the lenders to get closer to the international assets," he said, adding that the banana and fruit company has several assets outside of the U.S. An investor also noted that the call cleared up other credit details related to Bermuda's tax laws. The "B" is priced in the LIBOR plus 33/ 4% range.

IASIS Healthcare Corp. has sealed a new $475 million refinancing credit with new lead banks after an earlier refinancing attempt failed last summer. The new deal is led by Bank of America and Citibank. The facility refinances a $455 million bank deal and also increases the company's capital expenditure allowance, said Carl Whitmer, IASIS' cfo. He declined to comment on the bank switch, saying only that, "People change banks all the time." The main reason for the refinancing of the credit was to renegotiate the capital expenditure limitations in the old bank agreement, explained Whitmer.

CHRIS CUFFE ROW MARS COMMONWEALTH IMAGE

After six years in office, reserve bank governor Ian Macfarlane continues to prove to Australians that their economy is in capable hands.Fiona Haddock spoke to him in Sydney.

ANZ leads the country's banks back into favour in the Australia category of Asiamoney's best-managed companies poll. Wesfarmers and Woolworths make up the top three. Chris Wright reports.

A chapter by ANZ Investment Bank

At the age of 50, Phirasilp Subhapholsiri, president of BankThai Public Company, is far from thinking about an easier life. “We have steered the bank through the difficult times and we can now focus on the next stage of this adventure,” he says. “Before, I likened myself to a surgeon in an emergency room. Now I feel more like a chef mixing all the ingredients to make one of the exotic dishes for which Thailand is so famous.” Phirasilp has never been one to shrink from a challenge. He believes it is his fate to have a professional life which is an uphill toil, fraught with adversity.