Paul J. McCarthy, formerly an analyst at Fitch, has joined The Clinton Group as a senior credit officer. The Clinton Group is a $3 billion hedge fund located in New York.
J.P. Morgan's collateralized debt obligation research group last week released its CDO Handbook, a 50 some-odd page document complete with a glossary of CDO terms.
The handbook makes a few significant distinctions from previously published reports, according to author Douglas Lucas who heads J.P. Morgan's CDO research.
From a database of deals dating back to 1987, an analysis shows that CDO issuance has been relatively constant over the last three years, at approximately $137 billion per annum, in contrast to the widely reported market statistics based on Moody's Investors Service data, which shows increasing volume (though less than J.P.'s volume) over the same time period, Lucas said.
Another interesting feature of the report is a rating agency market share breakdown.
After eight years in the New York office, Howard Goldwasser, a partner of Orrick, Herrington & Sutcliffe LLP, is moving to the Tokyo office to co-lead the firm's Asian securitization practice. Goldwasser will work with Christopher Lewis, a partner in the Tokyo office. Additionally, Goldwasser will work with Orrik Helen Yeo, the firm's joint venture in Singapore.
Ronald D'Vari has recently been named as director of fixed income research at State Street Research & Management Co., a subsidiary of Metropolitan Life Insurance Company. Previously, D'Vari served at Boston-based State Street as a senior vice president and portfolio manager.
Hamilton Hadden has joined Reich & Tang Asset Management, LLC as head of credit research for the firm's New York-based fixed income group, Global Investment Advisors. Previously, he served as a vice president at J.P. Morgan Investment Management, Inc.
Vijay Sharma joined Clinton Group, Inc. in March 2001 as a fixed income arbitrage strategist and trader. His responsibilities include devising and executing arbitrage strategies for the Clinton Arbitrage Portfolio. Prior to joining Clinton Group, Sharma was a director at Deutsche Bank, where he managed institutional relationships with fixed-income relative value hedge funds and advised them on arbitrage strategies. Prior to that, he was a senior consultant at Deloitte & Touche.
GMAC is spreading its warehouse lending services to mortgage bankers in the Southwest as the company has opened a new office in Texas. Brian Hilberth, formerly of Guaranty Federal Bank, will head up the staff.
UBS Warburg is said to be roadshowing a GBP574 million whole company securitization backed the cashflows of 35 supermarkets. The deal is called Werretown Supermarket Securitization.
GMAC unit Residential Funding Corp. is planning to bring at least two deals in June, sources said. Although exact sized have yet to be finalized, the quarterly issuer will bring a sub-prime mortgage-backed offering via Salomon Smith Barney and a Hi LTV offering via Bear Stearns.
Long Beach Acceptance was in the market with $215 million near-prime auto loan securitization via the sole lead of Greenwich Capital Markets. The deal features a Financial Security Assurance. Details for the 144A offering, including structure, were not immediately available. The company has no affiliation with Long Beach Mortgage. Long Beach Acceptance is a subsidiary of Ameriquest.
Last week Standard & Poor's placed several classes of notes issued by Triumph Capital CBO I Ltd. on credit watch with negative implications.
June 7: New York, NY-Standard and Poor's in conjunction with "Aviation Week & Space Technology," will host a half-day Aviation Finance Seminar. For more information visit www.standardandpoors.com or call 212-438-2800.
June 11-12: Chicago, IL-The Strategic Research Institute presents the second annual forum on Equiptment Finance and Lease Securitization. For more information, visit www.srinstitute.com/ca262 or call 888-666-85-14.
June 20-23: Barcelona, Spain-Frank Fabozzi, Inc. presents the fifth annual Global Asset Securitization. For more information visit www.imn.org.
June 25-26: New York, NY-The Institute for International Research will host The CDO Summit. For more information call 888-670-8200 or visit www.iir-ny.com.
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.
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