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Abbey National Asset Management, which manages £5 billion in fixed-income, is looking to add a corporate bond manager to its fund management team in Glasgow, Scotland, according to a spokeswoman. This is the first step toward expanding the team, which could eventually branch out into high-yield and international bonds. The new hire is being made because corporate bonds are a becoming more important with the new pension accounting rule FRS 17 on the horizon. Abbey intends to intensify its marketing efforts on the corporate bond side for both retail and institutional clients. The new hire will report to Alan Wilde, head of the bond desk.

Prices on the bank debt of battery maker Exide Technologies dropped roughly 10 points last week as the expiration of covenant waivers nears and the market looks more closely at bankruptcy as a possibility for the company. At press time last week the company's bank debt had dropped to 66 with $10 million reportedly being flipped in the street. The company has waivers on financial covenants until April 12 and in its most recent 10-Q disclosed circumstances that could lead to credit default.

Bear Stearns was marketing a $1.1 billion conduit deal last week, ushering in a heavy month of issuance that is expected to top $10 billion, according to BW sister publication Real Estate Finance & Investment. The offering, which was followed by an approximately $992 million conduit from the team of Credit Suisse First Boston, PNC Bank and Key Bank, was being eagerly received by investors, who have seen little new issuance this year. Chris Hoeffel, managing director at Bear Stearns, said he expected the securitization to be completed by Friday afternoon.

More than $20 million of Global Crossing's bank debt changed hands last week in the 20-23 range as credit holders weighed the value of new bids for the bankrupt telecom. A $10 million piece traded at 22 1/2 early in the week, but traders said $5 million pieces had been moving all week. Market players debate takeover bids for the name and the value of the company's assets in the case of liquidation. Two weeks ago FleetBoston Financial filed a proposal stating that liquidation was its preference. That's the general sense among lenders, who stand to do better in liquidation than any other creditors.

The $17 billion in loans for AT&T Comcast being shopped by J.P. Morgan and Citibank could test the depth of the market for huge deals for investment-grade borrowers. J.P. Morgan and Citi have just started shopping the deal to potential managing agents and five banks have already committed $10 billion. The company's strong relationships should carry the deal, bankers said. But other bankers noted they are watching with interest to see how the deal does in the wake of a somewhat difficult syndication for Weyerhaeuser Co.'s $4 billion commercial paper backstop.

Marc Seidner is Director of Domestic Taxable Fixed Income at Standish Mellon. In this capacity he oversee the management of about $24 billion of Core High-Grade and Core Plus portfolios.

Société Générale has landed the lead role on bank deals for the Pittsburgh Penguins of the National Hockey League and the National Basketball Association's Charlotte Hornets, the first deals being led by SG since the departure of Sal Galatioto and his sports advisory group to Lehman Brothers last year. Randy Campbell replaced Galatioto last year from Morgan Stanley to re-launch the sports advisory group.

Standard & Poor's has recently completed a reorganiztion of its structured products division in New York, creating three new groups, according to BW sister publication Derivatives Week. The new groups are fixed income, equity and an operating vehicle group, according to Richard Gugliada, head of the global CDO group in New York. The three new groups report to Gugliada.

Stephen Smithruns the $1.8 billion global bond fund at Wilmington, Del.-based Brandywine Asset Management. While the fund is global in scope, Smith says it can invest in corporate credits, mortgage- and asset-backed bonds and government bonds with no rating or country specific allocation issues. An 11-year veteran of Brandywine, Smith has been in the portfolio management business since 1967.

Credit Lyonnais, U.S. Bank and Citibank have joined on the refinancing for Arch Coal and Arch Western Resources at the co-documentation level. J.P. Morgan and PNC Bank are leading the deal and a banker familiar with the syndication said J.P. Morgan has committed $70 million and PNC bank $90 million. Documentation agents have committed $60 million each to the deal. An additional commitment has been received from Bank of New York. The $525 million "B" has already gained more than $100 million after launching on March 5, with Van Kampen Merritt and Institutional Debt Management among the buyers.

UBS Warburg has hired Jeff Keith, a senior high-yield salesman. Keith will report to Steve Chronert, head of high-yield sales based in New York. Keith was released in December from Merrill Lynch, which has made severe cutbacks to its high-yield effort in recent months (BW, 12/16).