In ramping its securitization program, Bank of Nova Scotia has added Rick Taiano, Dhiren Jhaveri and Aniello Forcellati to its asset-backed commercial paper team.
Additionally, the bank will launch its second collateralized debt obligation later this year. Complementing its existing collateralized loan obligation, called CampoBello, the pending CDO will be a arbitrage vehicle called Citadel Hill, said Dorothy Poli, managing director in the asset-backed finance group at Scotia. Further details were unavailable.
With the new hires in place, Scotia intends to bring its two-year-old Liberty Street Funding conduit to $8 billion within the next 12 months, Taiano said.
"When we started it was $4 billion and now its just under $5 billion," he added. "We've got a lot in the pipeline."
Nova Scotia will launch two new asset-backed commercial paper conduits by the end of the year, as the capital demands from the bank's client base is growing.
The Liberty Street conduit is backed by a mix of assets - including oil and gas receivables, trade receivables, loans, automobiles, and food manufactures. As of yet, the conduit has securitized for Scotia's bank clients specifically: meaning Scotia has not had to solicit non-bank clients to increase volume.
Scotia also has an agency in Canada, which is administering the King Street Funding conduit. The Canadian arm launches term deals as well as conduits.
Taiano, formerly a partner at special purpose vehicle administrator Lord Securities, moved over as an associate. Forcellati, who was brought on as an analyst, came from Chase Securities. Jhaveri was hired for modeling and moved over from Arthur Anderson. All three report to Poli.
According Poli, Scotia has made two additional hires for its securitization group in London.
"Although our primary focus is on Scotia's North American customers, we are beginning to explore other client opportunities through Scotia's extensive international network," Polis said.