Moody's Investors Service is going through a series of changes within its asset-backed finance group. Following Christina Cotton's departure to Prudential Securities, Sam Pilcer has been promoted to managing director and will head the asset-backed commercial paper team. Pilcer is replacing Maureen Coen, who is crossing over to the term asset-backed securities team, joining Ed Bankole and Andy Silver. Coen will also gain responsibility for Latin America structured finance.
PNC Capital Markets recently announced the appointments of Douglas Shaffer and Richard Tito as joint managers of the company's asset securitization group. Shaffer and Tito will oversee the company's private and securitized debt team.
Already a senior vice president and managing director of loan syndication and private placements, Shaffer will be responsible for the origination of asset securitization business solutions. Tito will oversee distribution of asset securitization products through both term markets and the administration of two commercial paper conduits, Market Street Funding Corp. and Wood Street Funding Corp. Prior to this post, Tito has been senior managing director of sales and fixed income trading activities.
The Pullman Group put the finishing touches on its most recent $30 million bond deal for The Isley Brothers, according to a prepared statement. Obstacles to the deal's successful completion included a bidding war launched by singer Michael Bolton and a lawsuit by EMI Music Publishing. The completion of the deal is yet another feather in the hat of Pullman, which specializes in music royalty securitizations.
Subprime mortgage lending company, New Century Financial Corp., has put itself up for sale, with the possibility of scooping $15 a share. The company has hired PaineWebber Inc. to help it explore its strategic options. It is expected to be announced that two financial-services are interesting in acquiring it.
Elsewhere, First Union Capital Markets was said to be considering the sale of The Money Store.