Martin Avidin, formerly a managing director at CGA Investment Management, has joined Natexis Banques Populaires, working for Senior Vice President and Chief Financial Officer David J.R. Oston.

Richard Rudder and David Wolin have joined lawfirm Baker & McKenzie. The two were former securitization group heads of Wilkie Farr & Gallagher. Four associates Borris Ziser, Gilbert Liu, Amber Railley, and Anna Choe also made the move. Rudder's team is known for its expertise in intellectual property, whole company securitizations, and other esoteric asset classes.

"We're going to basically help them develop a securitization practice in every office," Rudder said. "We're here to help develop this product worldwide."

Former First Union banker Sal Mirran has moved over to Banc of America Securities. Mirran is known for his work in e-commerce, as well as his experience in structured finance.

Marten Stegwee left his head position at Credit Suisse First Boston and is replaced by Lee Rochford, head of Northern Europe and Lourdes Moreno, head of Southern Europe. Stegwee resigned with the intention of retiring from the ABS market for an undisclosed period.

Banc of America made substantial additions to its team in London and Tokyo. On the London side Dimitri Toseland joins the bank as principal in its debt capital market group. He was previously at UBS Warburg. Mitch Braseland, a managing director at Banc of America in New York, will shift focus to the European and Asian structured credit products in the London office. Brian Ratner is added to the London based CDO team as principal. He joins the team from UBS Warburg where he was the director in the global CDO group. Femi Adwele will be vice president at BofA where he will trade credit derivatives on a flow and proprietary basis. He joins from CIBC World Markets.

On the Tokyo side BofA added Sal Amery as managing director in structured credit products. He leaves UBS where he was a director on the global CDO team that focused on clients in Asia.


Standard & Poor's downgraded Royal Caribbean Cruises LTD to a BB+ outlook negative from a BBB-. S&P expects the company's credit measure to further deteriorate as a result of the ripple effect the WTC attacks will have on the tourism industry. This, paired with an already declining economy, might prove to be an obstacle for the cruiseliner.

Moody's Investors Service upgraded the Danish mortgage bonds, Realkreditobligationer, to Aaa from Aa, based on the a reappraisal of the protection provided to the investors by the collateral and structure of Danish mortgage bonds and the expected integration of RealKredit Danmark and Danske Kredit.


According to IFR Asset-Backed Securities, Salomon Smith Barney is in the market with a $275 million arbitrage, cashflow high-yield CBO (Seneca CBO IV LTD). Seneca Capital is the asset manager, which is part of Phoenix Home Life Insurance. Pricing is slated for early October. The deal is over 50% ramped-up, giving significantly more room for cheap collateral that is now available in the market. SSB had the deal talked at Libor +38-40 prior to the September 11th terror attacks in the United States, but is now marketing at the Libor +43 area on the triple-A notes (WAL 7.4). The deal has 9.45% in equity support on the bottom. Assets will be 100% high-yield.

Mass. Mutual priced its $400 million arbitrage cashflow CDO of CDOs, Connecticut Valley, via JPMorgan at six month Libor +50 basis points on the eight-year triple-A notes on last week, according to IFR Asset-Backed Securities. Sources said this was not bad, considering the price guidance was +48-50 basis points prior to the Sept. 11th terror attacks in the U.S. The +50 basis points coupon is the same level as the last CDO of CDOs that came to market, which was Coast Asset Management's Coast II, via Lehman Brothers. However, the single-A notes on Conn. Valley pushed 15 basis points wider than the Coast II benchmark to price at six month Libor +140 basis points (par) compared to Coast II's +125 basis points, both had a 10-year WAL. Meanwhile the triple-B notes printed at +250 basis points on Connecticut Valley.

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