News
First National Bank of Omaha has delayed plans to bring its first public term credit card ABS until sometime in the third quarter, according to a company official. The bank cited regulatory delays for holding back the offering of its approximately $350 million deal. Banc One Capital Markets has been tabbed to lead the proposed offering. With the issuer looking to avoid the summer doldrums, it now expects to be in the market sometime in September.
Fitch Ratings last week launched RMBS Deal Tracker, a web-based product that provides investors with original deal collateral attributes on Fitch-rated RMBS transactions. Initially, this system, which is a downloadable Excel-based spreadsheet, will cover transactions that Fitch has rated from vintages 2000-2002 for Prime jumbo A, 30- & 15-year, as well as selected Alt-A issuers. In the coming months, Fitch will post earlier vintages as well as subprime and manufactured housing deals. Data for new transactions will be added as soon as the new transaction closes.
Wells Fargo Corporate Trust Service, will start offering portfolio administration, bond administration and advanced investor reporting services to issuers and arrangers of securities in Europe. London-based Wells Fargo Securitisation Services Limited, a newly-created entity, will provide services for RMBS, CMBS, ABS, and CDOs. The firm will work with other European financial institutions to provide a complete package of corporate trust services including: portfolio and bond administration as well as advanced investor reporting on collateral characteristics of securities.
The Nonprime Mortgage Report published by University Financial Associates said that currently the best places to lend newly originated, nonprime mortgage equity are concentrated in the Southwest. Analysts noted that both borrowers and the underlying housing collateral in these areas are more favorably situated to withstand the consequences of the slower economy. States rated above average by the report in the Southwest include Texas, Oklahoma, Louisiana and Mississippi. Outside of the Southwest, the report named Alaska, North Dakota and West Virginia to be above average.
People
Nadine Cancell was appointed as staff adviser to the MBS and ABS division of the Bond Market Association (BMA). Cancell was also named vice president and assistant general counsel. Cancell will be reporting to BMA senior vice president George Miller. She will be specializing in the legal, regulatory, and market practice advocacy initiatives affecting the MBS/ABS market. She was previously an attorney at the New York - based law firm Clifford Chance Rogers & Wells.
Sol Bernstein has joined the New York office of Zeichner Ellman & Krause as a partner in the law firm's Transactional Banking, Corporate and Real Estate Group. Bernstein has expertise in loan documentation, loan workouts, commercial lending and syndication, credit enhancement and other related areas of finance law. Meanwhile, Tracee Davis recently joined Zeichner as an associate in the firm's Commercial Litigation Group.
Freddie Mac announced last week that Gregory J. Parseghian has been promoted to executive vice president and chief investment officer from senior vice president and chief investment officer. He will continue to report directly to Freddie's vice chairman and president David W. Glenn.
Calendar 2002
July 9-10: New York, NY - The Strategic Research Institute will host the third annual Forum on ABCP Liquidity/SIVs. For more information, visit www.srinstitute.com/ca276
September 5-6: London, England: The Strategic Research Institute will present The Premier European Forum on ABCP. For more information visit www.srinstitute.com/ca273
October 6-9: Miami, FL: The Strategic Research Institute will host the The ABS South Beach Industry Summit. For more information visit www.srinstitute.com/ca280
October 9: New York, NY - The Bond Market Association presents the Annual Awards Dinner. For more information, call 212-440-9429 or email mgarcia@bondmarkets.com.
November 7-9: Palm Beach Gardens, FL - The Bond Market Association's Fixed-Income Securities Operations Conference will be held at the PGA National Resort & Spa. For more information, call 212-440-9429 or email mgarcia@bondmarkets.com.
November 21: New York, NY - The Bond Market Association's Fixed-Income Summit & Expo on E-Commerce and Technology will be held at the Marriott Marquis Hotel. For more information, call 212-440-9429 or email to mgarcia@bondmarkets.com.
December 12: New York, NY - The Bond Market Association presents the Repo & Securities Lending Conference at The Roosevelt Hotel. For more information call 212-440-9429 or email mgarcia@bondmarkets.com.
To have your event incuded in this section, please fax information to 646-822-4920 or, alternatively, e-mail Colleen Corrigan at colleen.garry@tfn.com
