People
Daniel Gringauz has joined the asset-backed group at Moody's Investors Service as assistant vice president-analyst, focusing primarily on the subprime automobile sector. Prior to his new position, Gringauz worked at UBS/Warburg Dillion Read, where he held a number of positions.
Chris Connors has recently joined Barclays Capital's. Connors moved over from Donaldson, Lufkin & Jenrette, where he was a senior trader.
"We're very excited to have him on board, as it's a further affirmation of our presence in the ABS market," said Jeff Salmon. "The desk will be staffed with Susan Aldworth, who is of course the head trader, and then Chris Connors."
Connors is set to start on March 13th.
Miscellaneous
Three subordinate classes in ContiMortgage's 1997-2 and 1997-3 subprime mortgage deals have been downgraded by Moody's Investors Service. One subordinate class in the 1997-3 deal has been upgraded. The downgrades were based on the high losses that were consuming the remaining credit support for the affected classes.
Goldman, Sachs & Co. has been awarded the lead underwriting slot for Texas' first stranded cost securitization by Texas' Public Utility Commission (PUC), the company that recently rejected Texas Utilities Co.'s request for $1.65 billion of regulatory asset securitization. PUC gave its financial adviser, Prudential Securities Inc. extensive control over the deals final pricing and structure. Prudential will also have final approval authority over the upcoming stranded cost deal for Central Power & Light Co.
Hollis Receivables Term Trust has issued a combination of senior and subordinated public and private one-, three-, five-, and 10-year notes. The C$1,319,250,000 notes are separate from C$905 million of senior and subordinated notes issued last September.
