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Fixed Income Arbitrage Related News
 in chronological order

 See also: Fixed Income Arbitrage Related Books, Fixed Income Arbitrage Related Scholarly Papers, or Fixed Income Arbitrage Home Page.

Table of Contents:
 

Fixed income the new target as markets come back to life

June 30, 2006
From eFinancialNews.com:
 Six months of depressed prices and recapitalisations have led to signs of life in the credit market, to the extent that the interesting question now is, who isn't investing in fixed income?

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SAC Shuts Sigma Debt Unit, Cuts Fixed-Income Trades (Update1)

June 27, 2006
From Bloomberg:
 SAC Capital Advisors LLC, the hedge- fund firm run by billionaire Steven Cohen, is shutting the debt business of its Sigma Capital Management LLC unit as part of broader bond-trading cutbacks, according to two people with knowledge of the decision.

The firm, which oversees $16 billion, will close the business on June 30, eliminating about eight employees, said the people, who asked not to be identified because the move hasn't been made public. Mark Davies, hired from Bear Stearns Cos. in 2007 to expand SAC Capital's fixed-income investing, is leaving the company.

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Calyon appoints deputy head of fixed income

April 30, 2006
From FinanceAsia.com:
 Calyon has announced the appointment of Arnold Kan as deputy head of fixed-income markets for Asia ex-Japan.

Kan will be based in Hong Kong, and oversee fixed-income market sales activities to new geographies and customer segments within the region. He will report to Frédéric Lainé, head of fixed-income markets for Asia ex-Japan. Lainé, who was promoted to this new role in February, is responsible for overall business development and strategy in Asia ex-Japan for interest rate derivatives, foreign exchange, commodities, debt and credit markets, structured credit markets and treasury.

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BNP may cut less than 30 fixed income staff-source

April 25, 2006
From Reuters:
 BNP Paribas SA (BNPP.PA: Quote, Profile, Research) may lay off less than 30 fixed income employees if talks about their possible redeployment to other businesses fall through, a source familiar with the matter said on Friday.

France's biggest listed bank said in a statement: "Like many in the current market conditions, we are reviewing resource levels in selected areas of fixed income and as a result may have to make redundancies in our credit activities."

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Calyon names fixed-income chief for Asia ex-Japan

April 14, 2006
From Reuters:
 Calyon has appointed Frederic Laine to the newly created role of head of fixed-income markets for Asia excluding Japan, the corporate and investment banking arm of French bank Credit Agricole (CAGR.PA: Quote, Profile, Research) said on Monday.

Laine most recently headed fixed-income, currencies and commodities for Asia ex-Japan at Calyon. He will now overlook two more product lines -- foreign exchange and treasury -- in addition to interest rate derivatives, commodities, debt and credit markets and structured credit markets.

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Currency replaces fixed income

April 14, 2006
From Financial Standard:
 Currency investing could be the next big thing as more investors use foreign exchange managed funds as an alternative to fixed income funds.

Morgan Stanley’s London-based currency expert Alex Davey was in Australia this month to talk about the group’s newly-launched FX Alpha fund range. The funds, Alpha and Alpha-plus, were launched in the US and Europe more than a year ago. They were launched in Australia in January this year, denominated in Australian dollars. Overall, Morgan Stanley already manages US$9 billion using the fund’s strategy.

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Aberdeen adds to fixed income Core

April 4, 2006
From Financial Standard:
 Aberdeen Asset Management has created a fixed income fund that goes beyond traditional fixed income investing to generate higher alpha returns.

The Aberdeen Core Plus Fund is actively managed across domestic bonds but included exposure to uncorrelated investments in global credit, emerging market debt, high yield and currency and interest rate derivative strategies.

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Algebra to launch two new fixed-income funds

April 1, 2006
From Trade Arabia:
 Algebra Capital Limited, a Dubai-based fund manager partly owned by Franklin Resources, plans to launch two new fixed-income funds within the next four to six weeks, its chief executive said on Tuesday.

The new funds will target both retail and institutional investors, Algebra chairman and CEO Ziad Makkawi said in an interview.

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Lehman Brothers Net Falls 57% On Weakness in Fixed Income

March 18, 2006
From The Wall Street Journal:
 Lehman Brothers Holdings Inc. reported a 57% drop in fiscal first-quarter net income amid weakness in its fixed-income business, though results topped analysts' expectations.

That sent Lehman shares, which closed Monday at $31.75, up 12% in premarket trading to $35.46.

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Citadel Hires JPMorgan's Edsparr To Head Europe, Fixed Income

March 17, 2006
From CNNMoney.com:
 Citadel Investment Group LLC said Monday it has hired Patrik Edsparr from JPMorgan & Chase Co. (JPM) to be its European chief executive and global head of fixed income, as the hedge fund operator looks to expand its presence in Europe as part of a global push.

Edsparr, based in London, had been on JPMorgan's executive committee and was the bank's global head of rates and foreign exchange, fixed income and exotics and hybrids. He also ran the bank's securitized products, proprietary trading and principal investment businesses.

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Best Bets for Fixed-Income Investments

March 13, 2006
From BusinessWeek:
 Bonds are usually the boring part of an investors' portfolio, providing a steady but small income while stocks hog the spotlight.

Not lately. Not since worries about subprime mortgages triggered an international financial crisis.

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Online resource for fixed income

March 13, 2006
From The Financial Post:
 One of the less transparent segments of the financial services industry is the huge bond market. So it's worth noting that Perimeter Financial Corp. has launched a web site that gives investors live pricing and yield information on fixed-income securities.

Go here for a peak. The site uses market data supplied by CBID, Perimeter's electronic fixed income marketplace. The firm describes CBID as "Canada's only electronic, multi-dealer Canadian fixed income marketplace operated specifically for the wealth management marketplace."

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Macquarie Bank's Funds Management Group to Acquire Majority Holding in Allegiance Investment Management

March 6, 2006
From The Earth Times:
 Macquarie Bank’s Funds Management Group, today announced it has entered into an agreement to acquire a majority holding in U.S. fixed income fund manager, Allegiance Investment Management LLC (“Allegiance”). Allegiance manages approximately $4.5 billion in a variety of high quality fixed income products. Financial details of the transaction were not disclosed.

Founded in 1988 and headquartered in Orange County, California, Allegiance is a boutique investment firm specializing in offering fixed income investment solutions to pension funds and individual clients through financial advisors and brokers.

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Merrill Promotes Gu in Europe, Says Psyllidis Quits (Update1)

March 6, 2006
From Bloomberg:
 Merrill Lynch & Co. promoted David Gu to become sole head of its European fixed-income department and said Dimitrios Psyllidis, who had served alongside him as co- head, will resign.

Gu, an 18-year Merrill veteran based in London, keeps his role as head of government-bond trading and foreign exchange, according to an internal memo sent today to employees of New York-based Merrill's trading and investment-banking division. He also continues to oversee electronic trading of fixed-income products, according to the memo, which was confirmed by company spokeswoman Danielle Robinson.

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Morning Market Update: Fixed Income Rallies as Equities Fall

February 28, 2006
From Canadian Economic Press:
 North American fixed income markets are up and equities are declining with yields on U.S. ten-year Treasury notes down 5.4 bps to 3.79% and Canadian 10-year CGBs down 3.2 bps to 3.79%. Futures on the Dow Jones Industrial Average are trading down 46 points to 12647. The Canadian dollar is down 0.40 cents to 1.0237 USD and the euro down 0.10 cents to 1.5113 USD.

Yields on two-year Canadian government bonds were down 4.8 bps to 3.01%, five-year yields down 4.2 bps to 3.36%, ten-year yields down 3.2 bps to 3.79% and 30-year yields down 2.1 bps to 4.16%.

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UBS redefines fixed income

February 28, 2006
From Financial Standard:
 UBS takes a fresh approach to fixed income investment with a new product that delivers above market performance by diversifying across four of the firm’s fixed income funds.

The UBS Fixed Income Plus includes fully automated investment decisions and targets a return of two per cent above BBSW (Bank Bill Swap Rate or de facto cash rate).

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Aberdeen launches three fixed income funds

February 14, 2006
From Investment Week:
 Aberdeen Asset Management has added three fixed income funds to its offshore range.

Aberdeen Core Plus Sterling Credit, Index Linked Bond and Sterling Bond aims to outperform their relevant indices by up to 1.5% each year. The three portfolios have been seeded and will primarily be marketed to institutional investors.

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State Street names 6 to top fixed-income jobs

February 14, 2006
From Reuters:
 State Street Corp's (STT.N: Quote, Profile, Research) money management unit said on Thursday it appointed six executives to top jobs as the company restructures its fixed-income unit after heavy losses at several funds last year.

The six men -- three are newcomers to State Street's money management unit SSgA while three are veterans -- were promoted after a string of top executives, including SSgA's former CEO, left the company in the last weeks and months.

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Wachovia to Host a Fixed Income Investor Update

February 8, 2006
From FOX Business:
 Wachovia Corporation will host a Fixed Income Investor Update on Wednesday, Feb. 13, 2008, that will be available via live audio webcast beginning at 8:30 a.m. Eastern time. CFO Tom Wurtz will speak along with Chief Risk Officer Don Truslow and Treasurer Jim Burr.

The presentation, which should conclude at approximately 11:30 a.m., will be available through Wachovia's Investor Relations Web site at http://www.wachovia.com/investor. A replay will begin by approximately 1:30 p.m. Eastern time Feb. 13 until 5 p.m. May 13, 2008.

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UPDATE: Lehman Names Andrew Morton To Run Fixed-Income Operations

February 5, 2006
From CNNMoney.com:
 Lehman Brothers Holdings Inc. (LEH) on Tuesday appointed Andrew Morton as global head of its fixed-income division. He replaces Roger Nagioff, 43, who is retiring less than one year after he was promoted to run what is typically Lehman's biggest revenue producer.

Nagioff, who was based in London, said he is leaving to spend more time with his family and eventually to set up his own money-management operation. Credit markets have been in a steep descent since his appointment last May, requiring him to commute at least twice a month between London and New York, he said.

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No Risk means fixed income instruments

February 3, 2006
From MSN News: