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Singapore-based OCBC Bank plans to offer equity derivatives, credit derivatives and exotic interest-rate and currency derivatives for the first time next year. The bank currently offers plain-vanilla foreign exchange and interest-rate derivatives. Yap Tsok Kee, v.p. of global treasury, said the bank will look to offer and trade the products within six months, after it has dealt with the time consuming integration of Keppel Capital Holdings.

Dealers seemed to breathe a collective sigh of relief Wednesday evening following Allied Waste's third-quarter earnings release as fears of more credit defaults in a soft economy had the market bracing for bad news. Dealers noted that Allied's earnings loss was not as bad as they had expected, and that overall the credit still appears relatively strong. Bids for the paper promptly notched up to 96 1/8-7/8 from the 96 range earlier in the day. An estimated $10 million had traded by late Wednesday. The trash-hauling company is based in Scottsdale, Ariz. Calls to Mike Burnett, head of investor relations, were not returned.

Owens-Illinois' bank debt traded up a few points this week, with the term loan trading at 94-95 and the revolver trading in the 91 range. "The company has had good numbers and is a strong company," a dealer said, explaining the positives for Owens-Illinois. However, the company's asbestos related issues continues to haunt the name. In its third-quarter report, the company noted that improving energy costs, reduced interest expense, and lower fixed costs are continuing to have a favorable impact on the company's performance. Owens Illinois is a glass manufacturer based in Toledo, Ohio. Calls to R. Scott Trumbull, cfo, were referred to the investor relations department and not returned by press time.

An estimated $20 million of Pacific Gas & Electric's bank debt traded in the 93 5/8 range early this week on news of the company's third-quarter earnings more than tripling. The company also reported that its utility unit, which has filed for bankruptcy-court protection, has cash holdings of $4.3 billion. Still, market players remain wary of how the company will hold up as California's economy suffers and questions remain about the stability of future utility rates. Also, San Francisco was voting last week as LMW went to press on whether to create a municipal power district. If approved, PG&E would lose 8% of its customer base. The utility company is based in San Francisco, Calif.

Your long term business partner, your consultant, your career adviser, your friend who puts you in a taxi at midnight. Whatever you call them, headhunters are keen to stress that they provide a multi-faceted service to the financial industry. And right now the pressure is on for recruitment firms to prove their worth. Their practices and services are coming under far closer scrutiny as the slowdown bites and they find themselves just as vulnerable as their client base. Quentin Carruthers visits the recruiters to report on their unique view of the banking world.

For some in the careers industry, the current climate is proving fruitful. "Business has almost doubled this year," says Caroline Swain, managing director of Lee Hecht Harrison Ltd (LHH). She suspects that it may have increased even more for others, such as Meridian Consulting, one of the market leaders in the City of London. At Right Management Consultants (RMC), Anthony Payne, director, reports: "Events have accelerated and we are exceptionally busy. September 11 compounded the recessionary effects being imported from the US."

Strategic hiring

Enron's bank debt has been hit the hardest this week, landing in the 75-80 range from the high 99 range last week. Dealers estimate about $15 million had traded as of yesterday afternoon. The company is seeking $2 billion from private-equity firms and power trading firms. Also, American Tower's bid-offer spread softened about 3 points to 88-90 on a weak earnings release. PG&E's debt traded up to 93.675 from the 93 range on news of the company's third-quarter figures tripling over last year.

Aanders Haagen, formerly v.p. of structured credit products at Bank of America in Hong Kong, is joining ABN AMRO in Singapore, according to a market official familiar with the move. He is expected to start in two weeks. Haagen did not return calls.