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Allied Waste Industries' term loan "B" was trading roughly a point higher last week after the company announced that it would issue $250 million in senior notes and use the proceeds from the offering to pay down its term debt. A few small pieces are believed to have traded in the 98 1/2 to 99 range last week. Buyers and sellers could not be determined.

Bank of America andSalomon Smith Barney have doubled Rayovac Corp.'s E50 million European tranche following strong demand from across the Atlantic. The $375 million U.S. "B" piece has been downsized by $50 million to $325 million to make room, while pricing has also been flexed upwards 1/2%. One banker said the larger tranche in Europe would enhance liquidity and allow bigger pieces to be assigned. Following the 1/2% sweetener the U.S. "B" tranche is priced at LIBOR plus 33/ 4% with a 10 basis points up-front fee.

BNP Paribas has hired Jeff Gray to trade the short-end of the U.S. Treasury Curve. Gray was most recently at Deutsche Bank for several years, until he was released when the firm brought in John Santoro (BW, 8/11). He was not available to comment, and it could not be determined if the slot is new or if Gray is replacing someone. He will report to U.S. Treasury and agency trading desk chief, Zbignew Ryzak, who did not return a phone call seeking comment.

Wachovia Securities is reportedly in the market with a $115 million loan forPrecise Technology, a Code Hennessy & Simmons portfolio company that manufactures precision injection molds and molded plastic components. The loan includes a $35 million borrowing-base revolver and a $50 million "A" loan, priced at LIBOR plus 4%. A $30 million institutional piece has a LIBOR plus 41/ 2% spread. A Wachovia spokeswoman declined to comment on the transaction and Brian Simmons, a partner at the private-equity shop, did not return calls. The leverage levels are 2.3 times and 3.7 times, according to an official familiar with the situation.

Wireless names have firmed up in the secondary loan market in the path of industry-bellwether Nextel Communications, which crawled up roughly 10 points over the last month and was trading at 88 1/4 last week. Traders said a study by the Yankee Group that claimed cell phone usage would double by 2006 also contributed to the positive run.

Jackson Chou, credit derivatives trader at Goldman Sachs in Tokyo, has left the firm, according to market officials. The reasons for his departure could not be determined by press time but officials noted that Chou has relocated to the U.S. At Goldman, he reported to Can Uran, executive director of global credit derivatives in Tokyo. Uran did not return calls and Chou could not be reached for comment.

Hermann Watzinger, former managing director and head of securitization and portfolio credit derivatives at Merrill Lynch in London, has joined ABN AMRO as German head of fixed income in Frankfurt. Watzinger said ABN is also planning to combine its fixed income and loan teams and he will become the German head for both desks after the merger. Watzinger, who left Merrill Lynch in July after the firm reorganized its credit department, will start next month.

Australia TXU Holdings has delayed a A$600m-A$700m multi-tranche deal due to illiquid secondary markets and limited demand.

Australia Newcrest Mining shares slumped on Tuesday after the Australian gold miner sold A$216m ($118m) of new stock at 7.5% below Monday's closing price.

New Zealand's Fletcher Building has snatched the Laminex share sale away from the stock market. Citigroup/SSB and UBS Warburg were on the verge of launching the Laminex IPO, when the Kiwi building products company agreed to buy Laminex at a price precisely in the middle of the anticipated bookbuild range of A$2.00-A$2.30 per share. A domestic and international roadshow was due to begin on October 7. Laminex, which markets and distributes laminated particle board for kitchens, office furniture and other applications, was formed from assets acquired from BTR Nylex by venture capital funds in 1997. Major shareholder CVC sold 80% of its holding.

New Asian equity deals look set to come to market soon despite a difficult launch environment. China Telecom is moving towards premarketing its Hong Kong and New York IPO early next week, while Bank Thai is hoping to complete a $200m-plus share placement. Singapore's MobileOne could be the region's next jumbo float.

HBOS Treasury Services made a debut in fixed rate dollars and introduced itself to a new investor base when it launched a $1.25bn two tranche Asia targeted benchmark this week. The treasury arm of the Bank of Scotland decided to diversify from its usual funding source of UK and European investors and targeted the liquid Asian markets for its dollar debut.