Mark Golombeck has joined Credit Suisse First Boston's asset-backed commercial paper group, as a vice president reporting to group head Hans Bold.
Golombeck was most recently at J.P. Morgan Chase, prior to that, ACA Financial Guaranty Corp.'s structured finance group.
ING Furman Selz Asset Management is in the midst of setting up a new fixed-income asset management team, including an asset-backed division, market sources said. The team should be in place within the next two months. The new head of fixed-income at ING Furman Selz, Rick Kilbride, resigned from Merrill Lynch Investment Management last November. ING Group N.V., whose North American retail banking, insurance and asset management businesses are based in Atlanta, agreed to acquire the investment bank Furman Selz LLC in 1997.
Following a brief stint at Lehman Brothers, Latonia Dukes has rejoined Moody's Investors Service, as a vice president and senior analyst. Dukes will focus rental cars, new assets, and will assist Andrew Kriegler on Canadian ABS.
MBNA America's new owner-trust credit card facility, which the company filed with the SEC for last November, is set to be offered this month, according to a senior official at the company. The trust will closely resemble Citibank's innovative "block and trap" structure, which was released last year.
According to the official, the owner trust can be considered a "contingency liquidity" facility that has tremendous flexibility. The structure will allow the bank to issue senior classes whenever it wants and also issue higher-cost subordinate classes in advance.
Capital One is also contemplating the structure, though a senior offical said that the bank is still deciding whether the structure makes economic sense for the company. "Between $3 billion and $10 billion is required to make the economics work here," the Capital One official said. "But I am a huge proponent of the structure."
Standard & Poor's assigned a A-1+ rating to Brahms Funding Corp.'s asset-backed commercial paper and placed it on CreditWatch Developing. The rating action reflects S&P's existing Credit Watch Developing rating action on Dresdner Bank AG ratings. Dresdner Bank AG, in its capacity as a swap counterparty in the Brahms Funding Corp. conduit, is a rating dependent support provider, Standard & Poor's said.
Two classes of Bear Stearns Mortgage Securities Inc. asset-backed certificates Series 1996-9 have been downgraded by Fitch. Class B-4 was downgraded from BB (on Rating Watch-Negative) to CCC, and Class B-5 was downgraded from CCC to D. The actions followed a review of loss and delinquency levels. As of the March 25 distribution, 5.07% of the BSMSI 1996-9 pool was over 90 days delinquent, and cumulative losses totaled 0.77% of the initial pool, the rating agency said. Class B-4 has 0.44% of credit support remaining, and Class B-5 has none.
Class B-5 of Structured Asset Mortgage Investments mortgage pass-through certificates Series 1999-4 has been downgraded from B to CCC by Fitch, and Class B-4 has been placed on Rating Watch-Negative. The actions resulted from a review of loss and delinquency levels for the deal. As of the March 25 distribution, 5.77% of the SAMI 1999-4 pool was over 90 days delinquent, and cumulative losses totaled 0.21% of the initial pool, the rating agency said. Class B-4 has 0.85% of credit support remaining, and Class B-5 has 0.36% credit support.
April 23-24: Washington D.C.-The Strategic Research Institute presents the second annual forum on Securitization of Student Loans. For more information visit www.srinstitute.com or call 888-666-8514.
April 24-26: Geneva, Switzerland-Arthur Anderson and Commerzbank Securities will sponsor the third annual ABS Summit Exhibition. The conference will cover structural innovations and technical breakthroughs in European securitization for enhanced credit and balance sheet management. For more information visit www.icbi-uk.com/absummit or call 44-207-915-5103.
May 15-18: Paris, France-The Strategic Research Institute will hold The Fourth Annual Global Securitization Symposium. For more information, visit www.srinstitute.com or call 888-666-8514.
June 4-5: New York, NY-The Strategic Research Institute will sponsor the Fourth Annual Forum on Collateralized Debt Obligations: CBOs/CLOs on the Go! The forum will take place at the Martinique on Broadway. For more information, visit www.srinstitute.com or call 888-666-8514.
June 20-23: Barcelona, Spain-Frank Fabozzi, Inc. presents the fifth annual Global Asset Securitization. For more information visit www.imn.org.
Sept. 30-Oct.3: Southhampton Princess, Bermuda-The Strategic Research Institute presents The Bermuda ABS 2001 Symposium. For more information, visit www.srinstitute.com or call 888-666-8514.