The first senior/subordinate tobacco settlement securitization priced last Wednesday, when Erie County, N.Y. issued $236.7 million in bonds. Fitch rated the $192.5 million senior tranche A-plus, while the subordinate class was rated triple-B-plus. The deal was managed by Bear, Stearns & Co.

J. Keith Fell has joined Dresdner Kleinwort Benson North America (DKBNA) as senior vice president and North America head of global markets sales and derivative marketing. Fell, formerly of Merrill Lynch & Co., will lead the debt, foreign exchange, commodities and derivative product marketing personnel in the North American region.

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