Yasunobu Nose, formerly a deputy head of asset finance at Warburg Dillon Read in Tokyo, has joined Lehman Brothers in Tokyo as senior vice president in the principal transactions group.

He will head up the bank's Japanese securitization efforts, leading a team of five people. The position is a new one reflecting growth in Lehman's principal transactions business.

Moody's has downgraded the rating of 30 billion Class A-2 notes issued by Delphi Limited from A2 to A3. The notes, which are linked to the credit of a pool of loans originated and held by Sanwa Bank, were downgraded after the agency lowered Sanwa's long-term deposit rating and long-term senior debt rating from A2 to A3.

It is the second time this year that Moody's has downgraded Delphi's notes, which were originally rated A1.

Another pub-backed ABS could be brewing, after Cabot Square Capital, the principal finance and private equity house, purchased a portfolio of 705 pubs from Daiwa Europe, in conjunction with the pubs' management team, for an undisclosed sum.

Cabot is now considering refinancing options, including the possibility of a securitization deal.

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