People
Jonathan H. Prestley, who recently left The Hartford Investment Management Co., has landed in Horsham, Pa.-based GMAC Commercial Mortgage, where he will be responsible for the ABS collateral of future multi-sector CDOs issued by GMAC. Prestley is scheduled to start early this month. He had been a vice president at Himco and a regular speaker on the conference panel circuit.
Heruy Dawit joined Norddeutsche Landesbank's asset-backed finance group on Sept. 5. Dawit, who was hired as an assistant vice president, reports to group head Omar Bolli. He has been with Credit Suisse First Boston's asset finance group for the past two years, and prior to that he spent three years with Standard & Poor's asset-backed commercial paper group.
MBNA Bank America Executive Vice Chairman Vernon Wright will be
presented with Bond Market Association's Distinguished Service Award. The award will be presented at the BMA's annual awards dinner scheduled for Oct. 9 in New York City. Wright was instrumental in developing the concept of asset sales and securitization and continues to be a leader in this growing global marketplace, according to the Association's website. He is chair of the newly formed American Securitization Forum (ASF) and a charter member of the European Securitisation Forum.
News
In observance of the one-year anniversary of the World Trade Center tragedy, the Bond Market Association has recommended a 2 p.m. market close on Wednesday Sept. 11. Additionally,
there will be two moments of silence, one at 8:46 a.m. when the first plane hit the WTC and another at 10:29 a.m. when the second Trade Center tower collapsed.
Societe Generale recently announced the closure of a $100 million arbitrage synthetic CDO backed by a portfolio of Asian credit default swaps. The deal, arranged solely by SG, is the first arbitrage synthetic CDO with 100% Asian exposure. It is rated by Moody's Investors Service and carries a five-year final maturity. The CDO consists of a $77 million senior class rated Aaa', a $13 million mezzanine class rated Baa3', and a $10 million non-rated class.
Credit Suisse First Boston recently released a memorandum asking its clients to help in devising a solution that could accommodate the current liability structures of the various types of QSPEs while still satisfying FASB goals of limiting QSPE activities. The memorandum identified the two main issues stated by FASB relating to issuing beneficial interest by QSPEs. CSFB said that the resolution of these issues will be important to the industry, since it will impact several types of ABCP transactions such as ABCP conduits that have been established as QSPEs. The next Emerging Issues Task Force meeting is scheduled for Sept. 11.
The American Securitization Forum cordially invites members, prospective members and guests to attend its inaugural Sunset Seminar, entitled: The Changing Regulatory Environment for Securitization scheduled for Tuesday Sept. 17, starting at 5:00 p.m. at the American Securitization Forum Conference Center Offices of The Bond Market Association 40 Broad Street, 12th Floor.
This topical presentation highlights ways in which changes in the broader regulatory environment are impacting the securitization industry and is intended to advance the ASF's core goal of informing and educating the securitization community and related constituencies about current market developments and challenges.
To RSVP, please contact Liz Wagner at 212-440-9477 or register on line at: http://www.americansecuritization.com/9-17-02Seminar.html
