Tom Glynn has resigned from Bayerische HypoVereinsbank (HVB) as of the New Year, marking the end of an era of sorts, as Glynn is credited with establishing HVB's strong presence in the securitization and derivatives space.
HVB has been in trouble ever since its credit began to deteriorate earlier this year to the low end of investment grade, mostly attributed to financial troubles in Europe. The German-based bank has been a strong underwriter nonetheless in the European market, bringing deals such as the series from the Provide and Promise platforms.
In the U.S., HVB is well known for the innovative ABCP hybrids it has established over the years. Glynn is credited with some of the more cutting edge structures, such as Hudson-American Realty Protection (HARP), which, in 2001, was one of the first ABCP conduits structured to be a triple-A swap counterparty. HARP was terminated in November 2003. Other conduits structured by HVB included Arabella Funding and its predecessor Bavaria Funding.
At its peak, HVB had about $16 billion in outstanding ABCP. That figure has fallen below $10 billion. Mark Lewis, based in London, now heads the ABS group at the bank. Glynn had been with HVB for more than 15 years. He became active in the structured finance arena at HVB in 1996.
A few months back, Glynn was in the process of starting up a Bermuda-based HVB run re-insurance unit, called Grand Central Re. The entity's formation fell through, though it's understood that Glynn may pursue a role at a firm that combines insurance with securitization technology.