According to Thomson Financial BondWatch, John F. Eckes, formerly a vice president and high yield analyst at Bear Stearns Asset Management following the gaming and lodging, financial services, media, and telecommunications sectors, joined New York-based Triton Partners in November. While at Bear Stearns, Eckes was directly involved in credit selection and management of three CBO Funds totaling $600 million. He is currently covering financial services, media-broadcasting, publishing, gaming and lodging, retail, and food and beverage.
Credit Agricole Indosuez hired two senior managers to sew up its asset management business after a mass flight of key personel to Royal Bank of Canada earlier this quarter. The two hires are Charles Kobayashi and Charles Henneman. Kobayashi, from ORIX USA, joins as a portfolio manager. Henneman, from AGS Financial, joins as senior structurer responsible for structural elements of existing CDOs and developing new transactions. Collectively they will help oversee $3.5 billion in assets managed in six CDOs comprised of high-yield loans and bonds. Meanwhile, the beefing up of staff made Fitch comfortable in affirming the ratings on two CDOs managed by Indosuez Capital on November 28 - Indosuez Capital Funding VI, Ltd. and Structured Enhanced Return Vehicle Securities (SERVES) 2001-01.
Reportedly, Rothschild is putting the finishing touches on a novel securitization backed by charged-off equipment receivables. The private placement should close before yearend, according to a source.
The Bond Market Association will be sponsoring a meeting for ABS and MBS executives on the topic of notching policies this Wednesday, Dec. 12. For more information call the BMA at 212-440-9400.
Even though President Bush has declared Monday, Dec. 24, a legal holiday, on Dec. 10 The Bond Market Association will debate whether to recommend a full market close, shortened session or full trading session. In 1997, when then-president Bill Clinton recommended a legal holiday for Friday Dec. 26, bond markets were not closed.
According to Jose Ramn Tora, director in the structured finance ratings group for Standard & Poor's in Madrid, Banco Comercial Portugus SA has originated the first Portuguese residential mortgage transaction. The deal is also the first to instill the Portuguese securitization law that was implemented in 1999.
S&P has assigned preliminary ratings to Magellan Mortgages No.1 Plc, the EURO1 billion RMBS deal. Magellan will invest the issuance proceeds in units issued by Fundo Servimedia, which in turn is buying a pool of residential mortgages from Banco Comercial Portugus. Fundo Servimedia is set up as a securitization fund, or fundo de titularizaco de creditos, under the framework of the Portuguese Securitization Law No. 453/99.
S&P assigned AAA' ratings to the A-Class, AA' ratings to the B-Class and BBB' ratings to the C-Class.
Korea has seen its first-ever cross border CBO, a $250 million deal brought by Korea Development Bank (KDB) via Credit Suisse First Boston. Marking the second cross border Asian ABS for CSFB, the deal supports Korea Technology Credit Guarantee Fund's, KDB's and KDB Capital's goal to support the development of small and medium companies across Korea. The deal featured an innovative structure, securitizing KRW convertible bonds with full credit support through KDB, and it was also the fastest-placed international transaction in Asia.
SG Cowen priced the market's first arbitrage cashflow static pool CDO of
CDOs, Diversified Global Securities Ltd., last week for UBS Warburg Principal Finance, reports IFR Asset-Backed Securities. The $236.5 million transaction printed at a discount margin of 55 basis points plus Libor with an XL Capital Assurance wrap.
The pool is backed by 90% CDOs/10% ABS, with an average rating of Ba1/Ba2, giving considerable yield on the portfolio. The equity in the trade is said to have a 26% YTM with a 0.0% annual default assumption, said one investor.
Dec. 13: London, U.K.: Moody's Investors Service will host the ABC's of ABCP, a discussion on the fundamentals of asset backed commercial paper. This event will be targeted to investors (Arrangers are welcome) and will place emphasis on the European Markets.
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.
Feb. 6-9: Phoenix, Arizona Information Management Network will host the seventh annual investors' and issuers' summit on Asset Securitization 2002. For more information visit www.imn.org.
Feb. 10-13: Scottsdale, Arizona The Strategic Research Institute will host the ninth annual Asset Securitization 2002 symposium, an investor and issuer forum. For more information, visit www.srinstitute.com.
Feb. 25-26: New York, New York - Information Management Network will present the fifth CDOs 2002: Brave New World. For more information visit www.imn.org.