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Global Crossing's bank debt notched up then softened last week in a $3 million trade. Dealers reported levels inched up to 941/ 2 from 90, and later reports indicated the levels had come back a bit to the 92 range. With the telecom sector getting hammered these past few weeks, a dealer attributed the trade to luck. "Someone saw an opportunity and hit it," a dealer said. Calls to the company were not returned.

Hollywood Entertainment's bank debt traded last week at 96, up from 90 early in the month. The seller was rumored to be Sumitomo Mitsui Banking Corp., which has reportedly been an especially active seller lately. The buyer could not be ascertained. A bank spokesman declined to comment on trading levels. Hollywood Entertainment, based in Wilsonville, Ore., is the number two video rental business behind Blockbuster. Calls to the company were not returned by press time.

Independent fixed-income research outfitsCreditSights, based in New York, and Gimme Credit, based in Chicago, are attracting attention for their calls on the credit safety and relative value of high-profile primary and secondary market bond issues. The value of heeding advice provided by firms that have no economic interest in trading or underwriting bonds has been heightened by the $250 million Goldman Sachs-led Cummins Engine convertible preferred (Ba1/BB+) offering and the recently completed offering for Mission Energy Holding (Ba2/BB-), according to portfolio managers and analysts.

Moody's Investors Service has recruited 12 analysts for its structure finance department, all of whom are scheduled to start between this month and August. Brian Clarkson, managing director of the structured finance-Americas group, says the hires are needed to keep pace with the overall growth of the ABS/MBS sector.

Polaroid is in talks with J.P. Morgan Chase about refinancing approximately $525 million in debt, but bankers said any deal would be a challenge as the company's bank group includes lenders that have pulled back from the market and especially from low-rated credits. A spokesman for the company said Polaroid is looking at a number of alternatives, including a bank deal. He declined to comment about a potential structure, pricing, or a date for syndication, noting that there are many issues that need to be worked through.

Bank of New York and Sun Trust Bank have come on board as syndication agent and documentation agent, respectively, for CIBC World Markets' $265 million credit for Adams Outdoor Advertising. Bankers following the deal said that another two banks are already on the revolver and that half of the $200 million institutional tranche is filled. The names of the banks could not be ascertained.

Cott Corporation's turnaround record of sequential improvement in financial condition has earned its $150 million senior secured credit facility a Ba3 rating fromMoody's Investors Service.Kendra Smith, senior analyst, said the rating reflects the company's improved fiscal discipline, more focused operations, and better quality control. "We gave them credit for the fact that they've definitely improved their fiscal controls," she said. "They've improved their operations. They've grown and stabilized their financial ratios."

Credit Suisse First Boston is in the market with a $260 million refinancing deal for New York-based Duane Reade. The credit comprises a $100 million, three-year revolver and a $20.5 million, three-year "A" term loan, said a banker familiar with the credit. Pricing on the pro rata is 13/ 4% over LIBOR and there is a 3/8% commitment fee on the revolver. There is also a $139.5 million term loan "B" set to mature in 2007, priced at LIBOR plus 21/ 2%, he added. Officials at Duane Reade did not comment.

Deutsche Bank Securities in New York has hired Alec Crawford from Morgan Stanley to be its MBS strategist, according to global securitized product research chief Karen Weaver. Crawford will be responsible for generating trade recommendations and market overviews for Deutsche's client base. The position is newly created. He will also work with Deutsche's chief fixed-income strategist, Ifty Islam, in devising the MBS and MBS derivative components of the weekly Deutsche fixed-income strategy review. He will jointly report to Weaver and Islam. At Morgan Stanley, Crawford was most recently chief interest-rate strategist, responsible for a team that analyzed and made calls on swaps, MBS, agencies and government bonds, and reported to area chief Tom Juterbock. Calls to Juterbock were not returned as of press time. Crawford could not be reached for comment.

Deutsche Bank last week launched syndication of a three-and-a-half-year, $417 million credit for Commonwealth Brands, America's fifth largest cigarette maker. The deal is already 75% subscribed with institutional accounts, said a banker familiar with the credit. Officials at Commonwealth declined to comment.

Eileen Murphy, the former global head of CDOs at Chase Securities, has set up a consulting shop providing crisis management and structuring advice to both collateral managers and bankers. Murphy, who resigned from Chase in January after its merger with J.P. Morgan, is running CDOs Unlimited as she pursues a possible return to the Street. In addition to her client work, Murphy is, as she puts it, wrestling with technology: "I just about have my web site completed." Prior to her stint at Chase, Murphy was a managing director and co-head of the credit derivative products group at Moody's Investors Service. She began her career at Seward & Kissel in New York as a bankruptcy attorney.