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Kent Oz, head of financial institutional sales for BNP Paribas' equity derivatives group in New York, resigned last week, according to a firm official. Oz, who has been with the firm for more than five years, had been reporting to Vuk Bulajic, head of U.S. equity derivatives in New York. Bulajic resigned two weeks ago to join CDC IXIS Capital Markets North America as the head of equity derivatives sales and marketing (DW, 4/29).

Taking advantage of Korea's recovering credit story, Kumgang Korea Chemical (KCC) has opted to re-open its $100m 7.625% 2008 bond launched last year. The chemical, glass and paints manufacturer has appointed JP Morgan to arrange a $100m tap, with the issue likely to be priced early next week.

Two long awaited jumbo equity transactions from Malaysia are due to emerge in the coming weeks. The IPO of Malaysia's largest toll road operator is set to follow the float of one of the country's leading cellular telecom companies. The two deals should cement the return of Malaysia to the international equity markets.

Reports from the Asian markets this week suggest that Petroliam Nasional Berhad (Petronas) is to return to the dollar market and make its debut in euros with a jumbo international offering. Early reports suggested that the Malaysian oil and gas company is looking to launch a $3.5bn dual currency transaction in dollars and euros. At that level, the bond would be the largest non-sovereign deal from non-Japan Asia.

Hong Kong BondsInAsia and asiabondportal (ABP) have announced an agreement in principal to merge. The merger between the two electronic trading portals will mean that the combined entity keeps the name BondsInAsia and uses its trading platform, with ABP member banks ABN Amro, Bank of America, Deutsche Bank and JP Morgan joining BondsInAsia's existing shareholder group.

ING Bank Australia felt the shockwaves of GE Corp Australia Funding's A$41.7bn benchmark deal when it debuted on Australia's bond market this week. The Australian affiliate launched a A$300m five year transferable certificates of deposit (TCD) deal on Monday, but had to pay a wider spread than initially expected as a result of weakening secondary market spreads. By doing so, double-A rated ING Bank Australia ensured that it gained a strong market reception for the TCDs.

Lehman Brothers yesterday (Thursday) completed a $205m exchangeable bond for United Microelectronics Corp (UMC) that can be converted into shares of UMC subsidiary AU Optronics, Taiwan's largest maker of thin film transistor (TFT) panels for flat screen computer displays. The deal emerged a day after AU Optronics completed a US SEC filing for the imminent issue of up to $700m of stock in the form of ADRs through lead manager Citigroup/SSB.

Dresdner Kleinwort Wasserstein has hired two Gen Re Securities pros to set up a collateralized debt obligation presence in the U.S. Kevin Stocklin and Robert Wolf, structurers at Gen Re, have joined as a director and vice president respectively, according to Jeremy Vice, co-head of CDOs in London.

Joe Mahfouz, head of equity derivatives for the Americas at Commerzbank Securities in New York, has resigned. Mahfouz ended his three-year stint at the bank about two weeks ago. "We built a great group. Over the last three years, we exceeded our budget every year. I wish them well," Mahfouz said. He declined to comment on the reason for his departure. An official at Commerzbank said Mahfouz's position has not been filled and his duties are being handled by the remaining staff.

Nikko Salomon Smith Barney is bringing aboard Terry Koh, credit derivatives trader at JPMorgan, in a similar role in Tokyo in the coming weeks. "This is a great move for Salomon," noted a credit derivatives head at a rival firm, adding, "Terry's a solid trader, he'll make a strong impact over there." Another credit derivatives head noted, "With Koh aboard, Salomon should be a formidable competitor." Nikko has been planning to expand its credit desk since the beginning of the year on the back of growing client interest (DW, 1/27).

Asea Brown Boveri (ABB), the troubled Swiss-Swedish engineering group, provided some welcome respite for European equity-linked investors this week as it completed a hugely successful $968m convertible offering. In the past few weeks ABB has cleared up the speculation surrounding its future financing requirements and investors have reacted positively. Last Friday (April 26) the Swedish group completed the signing of a $3bn credit facility that it has promised to repay by the end of the year through asset sales, a convertible and a straight bond offering.