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Crown Cork & Seal saw its 6.75% notes of December '03 drop seven points to 78 on news of the postponement of its planned initial public offering of its Constar subsidiary. Constar also has a high-yield deal on the calendar, but it is also believed to on hold. Officials at Salomon Smith Barney, the underwriter, could not be reached by press time.
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Credit Suisse First Boston has lost one of its European banks analysts to Goldman Sachs, according to industry officials familiar with the move. Louise Pitt, who will continue to cover the banking sector at Goldman, left CSFB earlier in the month and her duties have been assumed by Leslie Mapondera for the time being. At Goldman, Pitt replaces Chuck Mounts, who left the firm in February to join UBS Warburg as co-head of European credit research. A spokeswoman at Goldman in London could not confirm the hire and senior research officials were on holiday and could not be reached for comment. Calls to Said Saffari, head of European credit research for CSFB in London, were not returned.
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There were many more downs than ups last week, as even Wednesday's equity rally failed to give junk credits much of a lift. A number of fallen high-grade energy credits fell solidly into high-yield.
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Jonathan Kattouf, HSBC Securities' investment-grade telecom, media and cable sector trader, has left the firm. A trader on HSBC's corporate bond desk confirmed that Kattouf had departed and that no immediate successor had been designated, noting that his responsibilities had been divided up among the remaining traders. Ferdie Masucci, the head of the firm's corporate bond business, was on vacation last Friday and unavailable to comment. Kattouf could not be reached to comment.
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James Nimberg, a mortgage backed securities analyst at Credit Suisse First Boston, has accepted a new position as an interest-only/principal-only trader at J.P. Morgan Securities. Kevin Finnerty, the head of MBS at J.P. Morgan, says Nimberg will fill the slot created by the departure of Matt Weinberg, who left several weeks ago for Lehman Brothers (BW, 6/16). "We think he'll be pretty good given his five years of research experience at CSFB," says Finnerty. Nimberg will report to Alan Galishoff and work alongside Jay Fiacco, a more veteran IO/PO trader. J.P. Morgan was the winner of the most improved trading desk award in BondWeek's inaugural MBS survey (BW, 5/21).
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Jeff Higgins has been released from J.P. Morgan Securities, where he was a senior high-yield trader, according to traders on the buy-side and at rival firms. Prior to joining J.P. Morgan, Higgins was a high-yield trader at Banc of America Securities and a government bond trader at Merrill Lynch. Scott Dolph, co-head of high-yield trading at J.P. Morgan, declined comment, and Higgins could not be reached.
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Marty Fridson, chief high-yield strategist at Merrill Lynch, has spoken out in defense of short sellers who were the subject of griping attributed to Bill Gross in a recent article published in Barron's. The activity of short sellers in the credit market has occasioned a number of complaints among mutual fund managers, and Fridson's defense drew notice. According to the article, Gross accused hedge funds of driving down bond prices, provoking downgrades and forcing selling from investment-grade money managers. Gross did not return a call seeking comment.
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Mike Meyer, who was fired from Merrill Lynch in 1998 after being held responsible for $10-20 million in losses, and who joined Banc of America Securities last week as head of U.S. corporate bond trading, also reportedly caused up to $75 million in losses at UBS Warburg, the firm he left to join B of A.
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Dave Rubulotta, has joined Salomon Smith Barney as a v.p. and high-yield salesman.