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It is not just Wall Street's investment banks feeling the pinch of global recession, as the banker to Britain's Queen Elizabeth, Coutts & Co, is to advertise for the first time in its 309-year history. "We really believe our clients are not going to think this is going downmarket," said spokeswoman Julie Cooper. "This is not saying come to Coutts, anyone can join Coutts." Some are worried the approach could upset the more conservative customers. "I hope our clients won't choke on their cornflakes," Coutts CEO Andrew Fisher told the Daily Telegraph. Customers will still be required to hold disposable funds of $730,000 to open an account.

The Deal Roll-off Chart, provided by Capital DATA Loanware, lists the 50 largest leveraged credit facilities in the U.S. market that are due to mature in the coming month. It is designed to provide a look at potentially available money in the market as credits are renewed or retired

The high-yield team at OppenheimerFunds has been swapping out of traditional cash pay bonds in the cable and telecom sector, and buying zero coupon bonds. Portfolio manager Tom Reedy, manager of $7 billion, says that several zeros in this area are currently trading at deep discounts, and he has been putting on this swap trade in names including Crown Castle International (B3/B), NTL (B3/B-), and Telewest Communications (B2/B).

UBS Warburg and Bank of America are hitting the market with a five-year, $6 billion term loan backing Devon Energy's purchase of Calgary-based independent senior oil and natural gas producer Anderson Exploration. The price of the Anderson purchase is $4.6 billion, but the financing package also covers the cash portion of the acquisition of Mitchell Energy & Development, announced last month. Retail syndication of the deal will launch in mid-October. The co-leads started approaching close relationship banks Friday.

Wyndham International's term loan "B" traded up to 99 1/8, while the increasing rate loan (IRL) traded at 991/ 4 last week. The "B" was at 97 a day before the trade, while the IRL was at 98. Some dealers are confused over an uptick in levels that's based on market speculation. For a while the market chattered about a possible takeover by Bass Hotels, but no confirmation has been released. "I think it may just seem more concrete to people," said a trader. The hotel operator is based in Dallas.

An estimated $50 million of Xerox Corporation's bank debt changed hands last week at 85-86, continuing an upward march. The two desks said to be the most active in the name are J.P. Morgan and Deutsche Bank, but officials at both shops declined to confirm rumored trades. The paper traded at 82 to 831/ 2 two weeks ago, and the consistent upticks in the debt's levels--and heavy trading as it moves up--mark a notable turnaround for a company that was getting hammered less than a year ago. Dealers said the levels are partly a reflection of a company that has done everything from asset sales to new product offerings to improve business. Calls to Barry Romeril, cfo, were not returned.

Amroc Investments closed down Tuesday after a 10-year run, as founder Marc Lasry said he wants to focus on his other business, Avenue Asset Management. "It was a matter of allocation of time," he said. "[Shutting down Amroc] allows me to manage more capital." Lasry said the "bittersweet and gut-wrenching" decision to shut down the distressed debt brokerage came a little more than a week ago.

Market players expect growth in synthetic arbitrage structures to bypass the default risk and the need for equity investors associated with traditional cash flow collateralized debt obligations. Typical cash flow deals contain an equity component of 12%, but commitments of that size have been difficult to come by. Additionally, rising default rates have hammered many traditional collateralized debt obligation structures. A synthetic piece in a deal allows managers to dodge those bullets by either reducing required equity or providing credit protection on collateral.

Appetite for Suiza Foods' bank debt continues as "B" paper traded in the 1003/ 4 range last week. Dealers noted that Suiza is buying Dean Foods, which carries some acquisition risk. "Small-scale grocers have gone bankrupt after making an acquisition, but Suiza has done well at making successful integration," said a trader. Dealers noted that the food industry remains one of the most stable, and in a market wary of telecom, Suiza is especially appetizing. The dairy company is based in Dallas.

Moody's Investors Service has downgraded the bank-debt ratings of Levi Strauss & Co from Ba2 to Ba3, affecting $2.2 billion of debt, citing the continued erosion of the Levi's brand name. Despite denim being in a positive fashion cycle, sales continue to fall and there is a risk of further decline due to a perceived inability to maintain market relevance to a demographically diverse clientele, according to Moody's. The downgrade also reflects a higher than planned inventory level and low likelihood of meaningful reduction in the near term. The rating outlook is negative and if the company cannot fully address its design, sourcing, and inventory and supply management issues within the next year, it may face continued declines. Weaker cash generation could create liquidity risk due to scheduled bank amortizations and refinancing needs in 2003.

Morgan Stanley has hired Drew Hanson to lead its high-yield telecom research effort, according to Bill Reiland, head of high-yield research at Morgan Stanley. Hanson, a runner-up on the Institutional Investor 2001 All-America Fixed-Income Research Team while at Credit Suisse First Boston, is the first of several additions Reiland will be making in an effort to add experience and prestige to the firm's high-yield research effort.