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Takeshi Nakanishi, v.p.-fixed income credit products at Goldman Sachs in Tokyo, has joined Credit Suisse First Boston as a director in the fixed income division, responsible for structuring credit products. He reports to Paul Kuo, head of fixed income at CSFB. Kuo was on vacation and could not be reached. Nakanishi declined comment.

ING Barings in Hong Kong is recommending clients enter a short Singapore dollar/U.S. dollar strangle in which investors win if the currency remains range-bound. Craig Chan, currency strategist, believes that weak export figures linked to a lack of global demand, capital outflows, and belief that the Monetary Authority of Singapore will permit a depreciation of the currency could cap recent Sing strength.

Beverly Enterprises, an operator of assisted-living centers and a provider of health-care services, is considering entering into an interest-rate swap with J.P. Morgan Chase on the back of issuing USD200 million of 9.625% eight-year senior notes. Schuyler Hollingsworth, senior v.p. and treasurer in Fort Smith, Ark., said the notional amount of the swap would likely be around USD100 million, and the maturity is expected to match that of the bond issue. In the transaction the company wants to receive floating to take advantage of the current low interest rate environment, he added. In addition, the swap would reduce the company's funding costs by 150 basis points.

HSBC has hired two of Bank of America's leading credit derivatives professionals in a move some market players believe could signal a major push by the firm. HSBC has a large balance sheet but has so far not been active in the credit market, said a broker in New York.

Colonial Management Associates, an investment management arm of Liberty Funds Group, has been buying the intermediate bonds of electricity generation companies because industry operating prospects remain excellent for the year, according to portfolio manager Richard Stevens. Stevens recently participated in theLehman Brothers led 8.30% Mirant Americas (Baa3/BBB-) senior notes of '11 144a offering two weeks ago, and has also been adding or establishing positions in NRG Energy (Baa3/BBB-) and Avista Corp. (Baa2/BBB). He argues that the cash flow thrown off by these companies will be enough to warrant possible consideration for upgrades, worth in his estimation an additional 20 basis points or so of tightening. He also says that at average spreads of 230-280 basis points off treasuries, paper in this sector has the opportunity to tighten into the sub-200 range.

Evergreen Investment Management, a Boston-based subsidiary of First Union Bank's capital markets arm, is watching for a continued rally in commodity prices as it prepares to increase exposure in low-rated, zero coupon, deferred interest bonds. Prescott Crocker, senior portfolio manager responsible for $1.2 billion in taxable fixed-income, says he will look to invest some $100 million to in seven- to 10-year paper offered by wireless telecom companies. Names he likes include wireless companies like Nextel (B2/B), Tritel (B3/NR), and Triton (B3/CCC+) because they have less competition, and more opportunities to attract new subscribers.

Lord, Abbett & Co. is planning on increasing high-yield exposure by $150 million on the view that spreads will tighten another 100 basis points over the course of the year and that credit products will outperform treasuries and MBS because the Federal Reserve easing will boost the economy. Chris Towle, portfolio manager, says the fund would reduce its investment grade and MBS exposure by the same amount.

Firstar Investments, a Milwaukee-based investment advisor, expects gradually to increase corporate debt allocation, perhaps by as much as $200 million by year-end, as it expects industrial and financial sector credits to benefit from monetary and fiscal policy moves, such as rate cuts and expected tax breaks. Brad Peters, senior v.p. and portfolio manager of the $2.5 billion in taxable fixed income, expects to sell Treasuries maturing in either less than two years, or more than 10, to finance the move. He has been shifting to a narrow barbell position which is duration neutral to the 5.5 year Lehman Brothers Government/Credit index to take advantage of a steepening in the treasury yield curve. He would not discuss specific companies or credits, saying that what he picks up will depend upon what his brokers have in their inventory that look like a good buy.

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.