Mourant du Feu & Jeune, an offshore law firm, has added Richard de Basto and Matthew Feargrieve to its Cayman funds and finance practice groups, respectively. De Basto joins from Allen & Overy, where he was a partner for close to eight years and concentrated on asset, construction and project finance. De Basto's current practice includes Islamic finance, restructuring and insolvency, leveraged finance, global loans, securitization and real estate finance. He will be based in Mourant's Cayman office. Feargrieve joins from Maples and Calder, where he was senior associate in the London office, advising on Cayman and BVI investment fund structures for hedge and private equity funds. Feargrieve has worked with onshore counsel in the U.S., E.U. and MENA on multi-jurisdictional transactions. He will be based in the firm's London office and will work alongside the Cayman-based funds team. Neal Lomax, partner and investment funds specialist, currently heads that team. In other people news, Mark Escott has moved from Lloyds TSB Bank after a nearly six-year stint as head of securitization to take up a similar position at The Bank of Tokyo-Mitsubishi UFJ, London Branch. In his new role at BTMU, Escott will cover client securitization deals in Europe, the Middle East and Africa. Mark will concentrate on growing the client securitization franchise using either the BTMU-sponsored conduit Albion or the bank's own balance sheet through direct origination and co-purchases.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
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With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
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The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
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Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
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