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The credit derivatives market and asset backed securities (ABS) are showing impressive growth, according to research published by the global fund manager Standard Life Investments. In the sixth part of a series of articles from Global Horizons, the annual perspective of long term investment themes, Standard Life Investments' examined the recent developments in corporate bond markets, looking at some of the factors and influences.

CF this month brought news of a survey showing that, over the last year, CFOs in the US have become more burdened by company pension schemes. Meanwhile, analysis of Fortune 100 companies by Towers Perrin, the human resources consulting firm, has found that, while funding has increased over the last year, deferred pension costs have continued to rise.

SG Corporate & Investment Banking (SG CIB) has appointed Ajaz Jafri as head of Foreign Exchange for Europe and Asia-Pacific. He will be responsible for spot trading and institutional and corporate sales in Paris, London, Zurich, Singapore, Hong Kong, Tokyo and Sydney.

The Securities and Exchange and Commission (SEC) has alleged that nine individuals - employees or agents of vendors at US Foodservice, an Ahold subsidiary - have aided and abetted a huge financial fraud by signing false audit confirmations sent to them by the auditors at US Foodservice. SEC allegations that US Foodservice employees contacted vendors and pressured them to sign false documentation come as a further blow to the food conglomerate whose reputation has suffered considerably over the past two years due to accounting impropriety.

The results of the sixth annual JPMorgan Fleming Asset Management International Cash Management Survey, carried out in conjunction with the Association of Corporate Treasurers (ACT) have been announced today. The survey finds the continuing growth in popularity of money market funds as an effective way to manage surplus cash, whilst the use of traditional bank deposits has declined.

Europe has overtaken the US as the world's leading market for new outsourcing contracts, according to the latest Quarterly Index from TPI, the leading international sourcing advisory firm. TPI's research reveals that in 2004 Europe represented 49% of the value of major outsourcing contracts (those worth over ?40 million) awarded worldwide, with the USstanding at 44% and Asia Pacific at 7%. The ?28 billion of contracts awarded by European companies last year is more than double the value in 2002.

In 2004, the number of rising stars exceeded the number of fallen angels - those corporates to fall from investment grade to junk status - for only the second time since 1998. A total of 43 rising stars were recorded globally in 2004, affecting rated debt worth $58.2 billion. The volume of debt affected by these actions is a record high even though the count of rising stars remains below the historical peak of 55 in 1997.

The ratings prospects at one of the world's leading automotive companies is forcing its finance arm, General Motors Acceptance Corporation (GMAC), to restructure its borrowing requirements in the event that that its parent, GM, suffers a downgrade. Strong cash flows and alternative sources of funding have been sought by GM's financial arm in the event of a downgrade ? the Detroit-based automotive manufacturer sits just one level above junk status by Standard & Poor's reckoning ? which would invariably see its bondholders start to sell GM stock as a result of their unwillingness to hold junk bonds. This would cut GMAC's ability to lend to its customers.

It's turning out to be a week of CFO departures, with the resignation of John Connors from Microsoft now followed by that of CFOs at Office Max, Sizeler Property Investors and Vital Images. Office Max, the US distributor of office products, announced the resignation of CFO Brian Anderson only two months after his tenure began. CEO Chris Milliken said: ?We are disappointed that Brian is leaving after only two months of service. We regret that his commitment to the company was not strong enough to allow him to make a long-term contribution.?

While many companies attempt to cut costs by simply moving work to an offshore outsourcer, the formula for reaping benefits by improving business process sourcing is much more complex, according to executives at a recent conference held by The Hackett Group, a business advisory firm.

The ?Private Equity Confidence Survey' conducted by Deloitte has found that venture capitalists (VCs) are confident that increased deal activity will be sustained for the first six months in 2005. Secondary buy-outs are expected to provide the largest source of new investment opportunities.

Data compiled by Dealogic shows that in 2004 the UK had the highest announced M&A volume in the European region - a total of $305.8 billion, up 45.3% from 2003.