People
Fitch Ratings recently added to their CDO team, hiring Michael Peng to manage surveillance for the group with the immediate responsibility of automating the uploading of CDO data. Prior to joining Fitch, Peng managed a quantitative team analyzing credit portfolio and credit derivatives for Credit Suisse First Boston.
Law firm Thacher, Proffitt & Wood has named firm veterans David S. Hall, Erik D. Klingenberg and Richard D. Simonds, Jr. as new partners, the first to make partner since Sept. 11. Hall joined Thacher Proffitt in December, 1995. He will continue this practice as a Partner in the Firm's Real Estate Department. Klingenberg joined the firm in September, 1993. He will continue his practice as a Partner in the Structured Finance Department. Simonds joined Thacher Proffitt in September, 1993. His practice concentrates on residential mortgage-backed securities, resecuritizations and shelf registrations.
"We are delighted to welcome these three very accomplished attorneys to the partnership," said Jack Williams, managing partner of Thacher Proffitt. "They each already have contributed tremendously to their respective practice areas and the firm as a whole, and we are looking forward to their continued successes."
Deloitte & Touche LLP has beefed up its securitization practice by hiring Robert S. Siegel and T Joelle Berlat, who will both be focusing on tax services. Siegel, who joins as partner, will provide structuring and planning advice on REMICs, CDOs and other securitization and derivative arrangements. According to a release from the firm, Siegel will consult with, and have tax responsibility for several nationwide mortgage companies. He will also have reporting responsibility for about a thousand on shore and offshore securitizations that involve both the issuance and purchase of different structured finance products, including more than 200 CDO vehicles. Meanwhile Berlat, who joins as senior manager will have tax engagement responsibility for more than 1,000 SPEs, including REMICs and CDOs.
News
Washington Mutual, Inc. announced last week that its subsidiary, WaMu Capital Corp., has become a registered institutional broker-dealer. WaMu Capital will primarily concentrate on distributing mortgage-related securities and fixed income securities as well as facilitating the distribution of whole loan packages within the institutional market. MBS veteran Tim Maimone is WaMu Capital president. Todd Kaufman, who joined WaMu in February last year, was named national sales manager and managing director for WaMu Capital. Originally from PaineWebber Inc, Kaufman will be responsible for building WaMu Capital's sales team.
Standard & Poor's last week lowered its ratings - to double-C from triple-C-minus - on four synthetic securities related to WorldCom Inc. Simultaneously, the ratings remained on CreditWatch with negative implications (the ratings where placed on watch last April 17).The rating actions came after the downgrade of WorldCom s long-term
corporate credit and senior unsecured debt ratings last July 1. According to a release from S&P, these securities are weak-linked to the underlying collateral of WorldCom Inc. debt. The lowered ratings reflect the credit quality of the underlying securities issued by WorldCom Inc.
Moody's Investors Service recently assigned its first ABCP issuance authorization rating to a Liberty Hampshire program in several years, according to a source at the rating agency. The rating agency authorized Legacy Capital Corp., which was formed in 1996, to issue up to $10 billion in ABCP on a post review basis. The deals are fully supported by Liberty. Liberty, a non-banking entity, has been one of a few major conduit administrators (with nearly ten ABCP conduits) to operate without a Moody's rating. The prospect is that the two firms will work together more frequently in the future.
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.
