Researcher Rusty Hurst has been hired away from Wachovia Securities to head up the CDO research effort for Banc One. Hurst, who resigned the week before last, starts at Banc One in early March, reporting to research head W. Alex Roever. Hurst had been at Wachovia for two years.

Meanwhile, Wachovia said it is committed to the business and would "add people as required."

Deane Martire is no longer with Barclays Capital, sources reported. The former associate director, who had been with the firm for roughly two years, had moved from the origination group to the syndicate desk starting this year. Feb. 15 was his last day. No word as to his destination could be confirmed.

David J.R. Oston joined Stanfield Global Strategies (SGS', previously Ceres Capital) on Feb. 25 as managing director and portfolio manager of structured credit. Prior to joining SGS, Oston was head of portfolio management at Natexis Banques Populaires in New York. Oston reports to David Caroll, one of the founders of Ceres Capital. SGS will focus on building investment-grade portfolios by utilizing conduits, SIVs, and CDOs.

Ceres Capital, which commenced operations in 1999, is an investment manager specializing in structured funding vehicles. In January Ceres became a majority-owned subsidiary of Stanfield Capital Partners. XL Capital, a Bermuda-based provider of insurance, reinsurance and financial products, has also become a minority shareholder in Stanfield Global Strategies, as well as in Stanfield Capital Partners.

John Lieber recently joined Countrywide Securities Corp. s fixed-income strategies group. He will focus on asset-backed and mortgage-related ABS research.

Michael Dorfsman, who was formerly part of the media relations group at the Bond Market Association, is now part of the public relations office at JPMorgan.

Charles Schorin, head of global asset-backed research at Morgan Stanley, has moved back to the bank's U.S. office. Schorin moved over to Morgan Stanley's London office in late 2000 to spearhead the research effort abroad. Robert Patterson, still reporting to Schorin, is now the most senior researcher on the floor in London.

Michael Parker is no longer part of the ABCP group at HSBC Securities. His release was part of a round of layoffs last week attributed, by the bank, to growing pains associated with the merger of HSBC's commercial and investment banking businesses. Globally, the bank released several hundred employees with the bulk of the departures coming out of London and Hong Kong.


Moody's Investors Service has downgraded its rating on the Salta Hydrocarbon Royalty Trust to Caa1 from Ba3. The rating will also remains under review for possible further downgrade. The rating change reflects the rapid deterioration of the transaction after the peso was devalued. The transaction does, however, benefit from a reserve account funded at closing with amounts equivalent to six months of interest on the notes, which are available to be used for shortfalls in the payment of scheduled debt service on the notes.

Standard & Poor's has downgraded classes A1 and A2 of Argentina's BHN II Mortgage Trust bonds, series 1997-1, to D' from CC' as a result of the devaluation of the peso. S&P also lowered its ratings on the certificates of TGN IFC Trust I and TGN IFC Trust II to D' from CC' following the nonpayment by the underlying obligor, Transportadora de Gas del Norte SA (TGN), of the monthly principal due on both transactions on Feb. 23, 2002. TGN also suffered a downgrade from S&P to D' from SD.'


March 24-25: Las Vegas, Nevada - Banc of America Securities will host the fourth annual ABS and MBS investor/issuer forum. For more information contact Covell Day at (704) 388-7835 or

April 7-10: Orlando, Florida Standard and Poor's will host the 17th annual Structured Finance Seminar. For more information call 212-438-2800 or visit


May 14-15: Royal Park, Tokyo Japanese Securitization will be hosted by the Information Management Network. For more information, visit

June 2-4: New York, New York Standard and Poor's will host the 2002 Insurance Seminar for insurance industry professionals and investors. In support of the revitalization of New York, the conference will be held at the Grand Hyatt New York. For more information call 212-438-2800.

June 17-19: Barcelona, Spain Information Management Network will host the sixth annual Global Asset Securitization. For detailed information visit

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