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Deutsche Bank, Bear Stearns and Bank of America will launch a $1 billion credit backing Wynn Resorts' $2.4 billion development of Le Reve this month. A $750 million revolver will be accompanied by a $250 million delayed-draw term loan, both of which will carry a spread of 4% over LIBOR. Deutsche officials declined to comment, while officials at Bear Stearns and BofA did not return calls by press time.

Bear Stearns Asset Management is in the final stages of ramping up a $402 million collateralized loan obligation called Gallatin Funding 1. According to officials familiar with the vehicle, the collateral is at least 90% ramped-up. Calls to Bear Stearns were referred to a spokeswoman, who did not return calls.

Bank of America and UBS Warburg's credit for Columbia House moved upwards to par last week after approximately 20 institutions came on board to fill the deal. The $145 million "B" loan was offered at 98 1/2 in an effort to allay concerns over the storied nature of the B2 credit. "The CLOs love discounted paper as it offsets losses elsewhere," one banker said. In addition to the discount, two years of call protection at 102/101 was thrown in as a sweetener, and the amortization schedule was revamped. The spread, however, remained at 4 1/2 % over LIBOR. Officials at B of A and UBS declined to comment.

Credit Suisse First Boston will lead a $400 million debt financing package to back Francisco Partners' acquisition of GE Global eXchange Services (GXS), a business-to-business e-commerce company. A banker said the $800 million acquisition would be funded in part with bank debt and bonds, although the exact mix of each has yet to be decided. The remaining $400 million will be funded with equity provided by Francisco, one of the world's largest technology buyout funds.

Deutsche Bank has hired Gavin Colquhoun fromMerrill Lynch to trade crossover credits. At Merrill, Colquhoun's duties will be assumed by Pat Collins, who will trade distressed names, and Billy McManus, who just relocated from New York, will trade the dollar crossover book and names with euro components, according to a high level Merrill official. Merrill is now in the market to hire a new high-yield trader, adds the official. It could not be learned to whom Colquhoun will report. Calls to a Deutsche Bank spokeswoman were not returned by press time.

The bonds of Household International are well oversold, according to sell- and buy-side analysts, but the same three researchers are split on Capital One's bonds, with the buy-siders recommending their portfolio managers steer clear of the credit, as it is too risky. Van Hesser, high-grade analyst at Credit Suisse First Boston, believes fears of slower-than-expected GDP growth have caused spreads to widen on Household and Capital One. However, he argues that they are cheap despite the 2-3% growth scenario forecast by CSFB economists.

David Teolis has joined Forest Investment Management, a hedge-fund based in Old Greenwich, Conn., as a portfolio manager for the firm's newly developing distressed business. He will also co-manage the fund's capital structure arbitrage program, says Doug Cramer, a firm spokesman to whom Teolis referred calls. Teolis joins from Nomura Asset Management. Nomura officials could not be reached.

None of the traders interviewed by BondWeek reported a single high-yield bond that was better on the week as of Thursday afternoon. Damage was relatively contained in sectors such as gaming, healthcare, chemicals and industrials. Holders of a certain $30 billion telecom issuer were not so lucky.

J.P. Morgan and Salomon Smith Barney quickly raised the $200 million "B" tranche for Swift & Co., the name given to the ConAgra Foods beef and pork processing business acquired by Hicks, Muse, Tate & Furst. Officials at the banks did not return calls by press time, but a buysider said the deal blew out.

At least three high-yield strategists are forecasting positive returns for the remainder of the year, in spite of last Wednesday's WorldCom-related sell-off, which caused returns of -4.23%--the worst single-day for returns in high-yield history, according to Mike Taylor, high-yield strategist at Bear Stearns. The month of June was also the worst on record, according to the Merrill Lynch High-Yield Master II, which was down 7.16% through last Wednesday.

Brian McManus, head of collateralized debt obligation research at Merrill Lynch, and a frequent Insitutional Investor Fixed Income All-America Research Team winner, has retired to Miami. Dan Castro, the asset-backed securities research chief, says he is filling in for McManus. He says there are no immediate plans to replace him. Castro adds that McManus, 44, likes to travel and owns property in Eastern Europe and Nicaragua. At Merrill, he reported to Marty Fridson, managing director and chief high-yield strategist. Fridson did not return calls. McManus did not reply to e-mail messages.

Greg Zappin, formerly a director of telecom research at Standard & Poor's, has joined Delaware Investment Advisors in Philadelphia, according to a spokeswoman at Delaware. Zappin will work as an analyst focusing on junk and high-grade credits primarily in the consumer products, retail and industrial sectors. He reports to Ward Tatge, senior v.p. and director of fixed-income research. The position is new as Delaware was looking to beef up its research group. No further hires are planned.