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Robert Sweeney, a veteran high-grade energy analyst, left Putnam Investments last Thursday and will join BNP Paribas as a director in its investment-grade research effort. Sweeney declined comment andJoe Labriola, head of research at BNP, did not return calls. It is assumed, however, that Sweeney was brought in to replace Dan Scotto, who was released from the firm last year (BW, 5/20). Individuals familiar with Sweeney's thinking on the matter say that he has made it perfectly clear to them that widely discussed turmoil within Putnam's bond operations this year is the reason for his departure. Calls to Paul Quistberg, Putnam's head of fixed-income research, and Stephen Peacher, cio, were not returned.

David Howard, managing director with Fitch Ratings, left the rating agency for Financial Guaranty Insurance Company, a provider of insurance for structured finance products, asset-backed securities and municipal bonds. His new title is chief risk officer. He will report to Debbie Reif, ceo. Howard says he replaces Greg Raab who will head up the structured finance group at FGIC.

Global Crossing sparked the market again this week with more than $50 million changing hands in the 24 range as bidders Hutchison Whampoa and Singapore Technologies Telemedia continue to negotiate the value of the company's assets with Global Crossing and its creditors. The credit had been trading in 22-23 range. The company's lending group was hoping that the two bidders would sweeten their offer, but Hutchison Whampoa and Singapore Technologies told creditors on Thursday that they would not, according to a trader. A large piece was rumored to be auctioned in the 25-26 context on Thursday afternoon.

Kathleen Lamb, a healthcare analyst from Credit Suisse First Boston who regularly places near the top of the rankings in the high-yield healthcare sector on the Institutional Investor All-America Fixed-Income Research Team, will retire in June, according to an official at the firm. She will be replaced by Graham Barnett, who had been working on the origination side at CSFB. Neither Lamb nor Barnett returned calls.

The cable sector continued to dominate trading, though slightly less than in the previous week. New issue activity picked up as deals from Roundy's,Sybron Dentaland Trico Marineall traded up after issue. Here was other selected action.

Deutsche Bank launched the anticipated $900 million deal for Fleming last Wednesday to investors who said they wouldn't mind seeing a little extra juice on the pricing. "LIBOR plus 21/ 4% doesn't really get me that excited, but it's definitely a decent company," said one buysider, adding that despite the low spread on the "B" term loan his fund is looking seriously at it. He explained that the company is strong and his institution is looking to put money to work. A banker said the firm has definitely priced the refinancing credit aggressively because many deals, "Have been getting done lately south of 250."

RailAmerica's new $375 million "B" term loan broke for trading last week and dealers estimated that roughly $20-30 million of the name traded in the 100 1/2 to 101 1/4 context. Investors are attracted to this name, which blew out in syndication, because of its consistent cash flow and asset value. One trader noted that the deal is three times over collateralized, . Buyers are most likely to be original lenders who did not get their fill of the paper after allocation, traders said.

Adelphia Communications was on the tip of investors' tongues last week as market players try to anticipate what the next step will be for the once infallible company. The company's Century Cable facility traded frequently in small pieces in the high 80s to low 90s context. Dealers believe that Adelphia's holding company will file for bankruptcy, but are unsure what the individual operating companies will do.

High-yield investors are increasingly looking at high-grade issues in the secondary market, finding that in many cases, they offer an opportunity to move up in credit quality while picking up extra yield. Ben Renshaw, an analyst at MacKay Shields who follows the healthcare and media sectors, says the volatility in the cable sector associated with the travails of Adelphia Communications has made high-grade names such as Cox Communications (Baa2/BBB), Comcast Corp. (Ba1/BBB-), Cablevision Systems Corp. (Ba3/BB- senior subordinated) and AOL Time Warner (Baa1/BBB+) worth a look. "You've got single-B healthcare names trading in line with triple-B cable and media names," he notes, pointing to Triad Hospitals 8.75% notes of '09 (B1/B-), which were trading at 266 basis points over Treasuries last Thursday, while the Cox 6.75% notes of '11 were 265 basis points off the curve. He says MacKay Shields is still determining in which of the four cable names it will invest.

Joe Wilson and Martin Pryor have left J.P. Morgan's loan sales desk for Salomon Smith Barney where they will be directors in loan sales and trading reporting to Jonathan Calder, head of loan sales and trading for the firm. The two formerly reported to Eric Rosen, head of the J.P. Morgan loan trading desk where they were part of the team that swept the first place title in LMW's Best Trading Desk Survey this year.

Appleton Papers is looking for a price reduction of 100 basis points on the coupon of its existing $115 million "B" term loan, hoping to follow in the footsteps of other companies that have re-worked pricing in a market with increased demand for paper. But investors are saying that even in an issuer's market, this credit may be the one that does not clear the market. Bankers and buysiders question whether the 1% cut will pass the credit hurdle as underwriter Bear Stearns struggled last fall to get the deal syndicated the first time around. "They may fall flat on their face with this one," said one buysider who passed on the deal initially.Bill Van Den Brandt, spokesman for Appleton Papers, referred calls to CFO Dale Parker, who did not return them by press time.

Lead arrangers Bear Stearns and CIBC World Markets decided last week to increase the bonds and reduce the bank debt on the debt package backing the buyout of Roundy's by Willis Stein & Partners. Bankers said after pricing the original $200 million bond deal last week at 8 7/8%--the low end of the 8 7/8%-9% price spectrum--bankers decided to upsize the bond deal to $225 million and reduce the original term loan "B" part of the bank debt to $225 million from $250 million.