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BANK ONE is preparing to launch syndication of a $400 million credit for Printpack, an Atlanta-based producer of flexible packaging. The deal is expected to hit the market by the end of the month. The facility will be used to redeem the 9 7/8% notes due in 2004, the 10 5/8% senior subordinated notes due in 2006 and replace the existing credit line, explained Susan Folds, a spokeswoman for Printpack. The existing line, a $188 million facility, was arranged by First National Bank of Chicago. Officials at BANK ONE did not return calls.

BNP Paribas is in the market with two synthetic lease facilities. A $235 million facility for Chiron, a global pharmaceuticals company, will fund the construction of two new buildings in California, hit the market Tuesday and a $60 million synthetic lease Specialty Laboratories was launched today.

Dade Behring traded up to 99-100 from 98 1/2 last week upon speculation by traders that a restructuring plan is in the works. Traders said a restructuring plan had been released but declined to comment on its contents.

Dade Behring, a producer of diagnostic goods and services, traded up to 99-100 this week from the 98 1/2 level last week upon speculation by traders that a restructuring plan is in the works. Traders said a restructuring plan had been released but declined to comment on its contents. Dealers speculate that collaterlaized loan obligation managers and other institutional players are among the buyers. Sellers could not be determined.

John Rusnak, the currency trader under investigation for losing USD750 million in foreign exchange trades at Allied Irish Bank's U.S. subsidiary Allfirst, wanted to buy a new risk management system for the firm more than a year ago, but was turned down because of budget restraints. David Aaron, director of sales and marketing at DerivaTech, a risk management software vendor in New York, said Rusnak approached DerivaTech more than a year ago because he wanted to replace Allfirst's risk management software.

Alastair Cooper, managing director and head of equity derivatives sales at Morgan Stanley in London, has left the firm. Cooper has been replaced by Tom Levy, head of program trading, according to Andrea Bothamley, spokeswoman. Levy, who will also keep his previous responsibilities, did not return calls.

Bank of America is looking to add at least one trader to its global interest-rate derivatives trading group over the next several months, according to John Kapustiak, global head of rates derivatives trading in Chicago. "I'm looking to add one more to the team. We're looking to hire opportunistically," Kapustiak said. The firm has been aggressively hiring sales professionals for the group for the last several months and adding a trader is part of an ongoing plan to continue the build up, said Jonathan Moulds, global head of the derivatives products group. "This business is not maxed out," Moulds noted.

ABN AMRO has hired Alaric Lau, managing director of liability management at UBS Warburg in Hong Kong, in a new position as v.p. of fixed-income derivatives marketing in Hong Kong. "Now we have a full-time marketing effort for the [People's Republic of China]," said Greg Major, Asian head of derivatives marketing in Singapore. China is becoming one of the largest markets for end-user derivatives in the region as a growing number of end users pull the trigger on transactions, he added. Lau declined to comment on his reasons for joining ABN.

National Australian Bank and Commonwealth Bank of Australia will substantially increase their credit derivatives trading activities this year because they are seeing greater customer demand and improving liquidity in the nascent market, according to officials at the banks. NAB has recently received regulatory approval to actively trade credit derivatives and CBA expects to receive the okay in the coming months. "We hope to receive approval before the end of the fiscal year," said Fergus Gilbert, head of credit trading at CBA in Sydney, noting that the fiscal year end is June 30.

WellPoint Health Networks, which grossed more than USD13 billion in annual revenues last year, is considering entering an interest-rate swap to convert a recent USD350 million note offering into a floating-rate liability. The Thousand Oaks, Calif.-based health care provider is contemplating entering a swap in which it would receive the 6.3% coupon on the 10-year notes and pay a LIBOR-based rate, according to a company official. The maturity on the swap would match the maturity on the note offering.

Commonwealth Bank of Australia has recently transferred Mike Halloran, global head of credit trading in Sydney, to the London desk to bulk up CBA's capabilities in the City.

Croatia is considering using over-the-counter fx options later this year in what would be its first use of OTC derivatives.Hrvoje Radovanic, assistant finance minister at the Ministry of Finance in Zagreb, told DW the sovereign is planning to use fx options to hedge currency exposure as it becomes more active in the international debt capital markets and grows in sophistication in managing risk. "We are closely monitoring the possibility of using them," he said.