People
Moody's Investors Service has added Tom Rizzo, Mimish Mathur and Peng Zheng to its RMBS ratings group. Rizzo, an assistant vice president, has been with the agency since September, formerly in its ACBP group. Prior to that, Rizzo was with Fitch (Duff & Phelps).
Both Mathur and Zheng join Moody's as associate analysts.
Countrywide Securities Corporation recently added two new members to its ABS and MBS underwriting team. Eric Kaplan has joined as senior vice president, and will head up transaction management for all asset-backed securitizations, while John Carrick, also senior vice president, will head up transaction management for all mortgage-backed securitizations. Both report to Michael Schloessmann, executive vice president and director of transaction management. Kaplan came to Countrywide from the asset securitization division of First Union Securities, Inc. and, prior to banking, practiced structured finance law with Cadwalader, Wickersham & Taft. Carrick worked in real estate finance at such places as Capital America(formerly Nomura Asset Capital) and Andersen Global Corporate Finance.
Spain-based Banco Bilbao Vizcaya Argentaria (BBVA) has appointed Antonio Martinez Jorquera head of the wholesale financial service unit, where he will focus on Latin American companies. Among the responsibilities of his new position, Jorquera will oversee capital market transactions. Previously, Joquera was with BBVA Banco Frances in Argentina.
Miscellaneous
American Capital Access has mandated Credit Suisse First Boston for a synthetic investment-grade CDO. Sources said ACA is expected to use a close variation to the Chambers Street structure where a basket of single-name credit default swaps is sold to one of the major monolines for a wrap.
The debt classes are likely to have ratings of AAA, A, BBB, and an equity piece at the bottom.
Societe Generale and Credit Suisse First Boston are pressing ahead with the $287.9 million Korean Development Bank Capital's office lease securitization, which is being talked at +30/L on the Ambac-wrapped triple-As.
The assets are said to be all performing despite being originated by 16 failed Korean merchant banks. (IFR Mortgage Data)
Triple-A conduit investors are receiving calls to put Teachers Insurance's first high-yield CBO ($300 million area) in their pipeline for late August/September. The equity on sale is expected to go smoothly due to the size and experience of the manager. TIAA has done two previous CDOs, an EM CDO and an ABS CDO (IFR Mortgage Data).
Ratings
Moody's Investors Service has lowered Argentina's sovereign rating to Caa1 from B3 with a negative outlook. Moody's cited the deterioration in the government's financial position, the uncertain near-term growth prospects, and concerns about the willingness of the political class to support various economic measures incorporated in the fiscal adjustment package advanced by the government, as the reason for the downgrade.
Calendar 2001
Sept. 11-12: Berlin Germany Information Management Network will present Securitization in Deutschland. For more information, see www.imn.org.
Sept. 12-13: Berlin, Germany 2001: A CDO Event will be hosted by Information Management Network. For more information, e-mail mail@imn.org or call 212-768-2800 ext. 1.
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.
Oct.1-3: Washington, D.C.-International Venture Partners, LLC will host the Latin Summit and Expo Americas, the premier conference for investing in the Americas. For more information, visit www.latin-summit.com
Oct. 2-5: Paradise Island, Bahamas - ABS East 2001 will be sponsored by Information Management Network. For more information call Scott Brody at (212) 768-2800 ext 210.
Oct. 23-24: Rome, Italy Information Management Network presents the Italian and Southern European Securitization Conference. For more information, visit www.IMN.org.
Nov. 13: New York, NY Information Management Network will host Credit Derivatives in 2 Venues. One will be in New York, and one will be in London. The date has yet to be announced for London, however it will be in the Fall of 2001. For more information, visit www.imn.org.
Dec. 3-5: Palm Beach, Florida Commercial Paper will be presented by Information Management Network. For more information, visit www.imn.org.
Jan. 6-8: South Beach, Florida Commercial Mortgage Securities Association will host the CMBS Investors Conference. For more information call 212-509-7844 or visit www.cmbs.org.
