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Friends Ivory & Sime has bought £100 million of new issuance in the past month, and will continue to add newly minted paper to its £7.5 billion credit portfolio. London-based Etienne Gorgeon, a portfolio manager, says he is looking at the upcoming £825 million Meadowhall issue, a commercial mortgage asset-backed deal originated by British Land. He is considering the deal because of its size, and because he like ABS deals as a diversification tool. Over the past month, Gorgeon has added Tyco International's 61Ž2% of '11, HBOS' undated 6.461%, CGNU's 6.125% of '36, British American Tobacco's 4.875% of '09 and Lafarge's 6.375% of '07. He picked up these bonds because new issuance is coming at attractive spreads and he is positive on these credits.

They're traders, not fighters! Dealers from Bank of America and Société Générale were in attendance at an amateur boxing match held at the New York Athletic Club on Monday night. The market players were there on a spectator basis only and were said to have had a good time--although the fighting spirit they bring to the desk came through when one called it a good "blood and booze" opportunity.

This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.

About $2.5 million of Allied Waste's bank debt traded up to 99 1/4 last week on anticipation that the term loan will soon be paid off through a bond deal. Two weeks ago, the bank debt notched up to 98 1/2 from the 96 7/8 range following the announcement that the company is increasing the size of its bond deal to $750 million from $500 million. The increase will pay down the tranche "A" and the "B/C" paper. At that time dealers said there was heavy trading in the name topping off at around $25 million. Calls to Thomas Ryan, cfo, and Mike Burnett, director of investor relations, were not returned.

Amkor Technology has amended its credit agreement, replacing the existing financial covenants with covenants based on minimum liquidity, maximum capital expenditures and minimum levels of EBITDA. "In May of 2000, the industry was booming, and the covenants reflected a more robust forecast," said Ken Joyce, cfo. Based in Chandler, Ariz., the company offers semiconductor companies and electronics original equipment manufacturers design and manufacturing services.

The wave of corporate refinancings that is knocking off short-term debt with bond deals is having a ripple effect in the secondary loan market, where staple names are firming as other paper is retired. Last week, Lyondell Chemical Company announced plans for a $750 million bond deal that would take out some of its bank debt, making it the third company in two weeks said to be coming to market with a bond deal to replace existing bank debt. Most of the paper will be paid back at par or better so there is short-term upside. But chunks of bank debt are leaving a market that has not had significant new issues for three months.

Chris Johnson, chairman of global leveraged finance at Merrill Lynch, has taken the voluntary package being offered by the firm to employees worldwide designed to trim costs in the bear market. Jessica Oppenheimer, a spokeswoman for Merrill, confirmed he is no longer with the firm, but declined comment on any other departures. Johnson was unavailable for comment.

Owens-Illinois' term loan traded up to the high 97 range from the 95 range early last week on the rumor of a potential bond deal. Dealers reported the trading volume was small, and the bond issue rumblings could not be confirmed. "It's just word going around the market. People are willing to trade on the momentum," a dealer said. The revolver was quoted at 92 early last week. Owens Illinois is a glass manufacturer based in Toledo, Ohio. Calls to R. Scott Trumbull, cfo, were not returned. A spokeswoman also did not return calls by press time.

Casey Walsh, the co-head portfolio manager responsible for Prudential Financial's more than $8 billion in high-yield assets, has resigned effective Dec. 31. Paul Appleby, who had been co-head of high-yield with Walsh, will now be the sole head. Mike Collins, a high-yield credit analyst and strategist at Prudential, will assume Walsh's portfolio management responsibilities. Walsh did not return calls placed with his secretary as of press time last Wednesday of the holiday-shortened week.

The high-yield trading, sales and research arm of RBC Capital Markets will to move from its current location in Greenwich, Conn. to company offices in Purchase, N.Y., according to Dan Elkaim, head of high-yield sales. He says the high-yield group is making the move to unite high-yield sales and trading with a newly hired leveraged finance group from Indosuez Capital led by Kenneth Kencel that is operating out of Purchase. Another change precipitated by the addition of Kencel's group is that Max Holmes, who had been head of high-yield origination, will now work with the leveraged finance group.

Houston-based Reliant Resources tapped relationship banks for a $2.2 billion, 364-day bridge loan to finance the planned purchase of Orion Power and will be replacing the loan with a bond deal and bank debt next year. Bill Waller, assistant treasurer for Reliant Resources, said Bank of America, Barclays Bank and Deutsche Bank lead a club of 10 banks providing the loan and the banks will get a piece of the bonds. "It was very much relationship driven. Reliant Resources conducted a competitive process among the relationship lenders," he added. Pricing and terms were the primary factors, he added. Reliant Resources provides electricity and energy services.

J.P. Morgan's $325 million credit for Revlon Consumer Products has been described as challenging by bankers, who cite the company's poor performance and decline in revenue amid a market making a flight to quality. A banker said the company is facing problems and many banks are reluctant to invest in single-B credits right now. The deal, however, is likely to be completed with existing lenders recommitting, albeit reluctantly, he added.