More jumps from No. 2 ranked
Underwriter Salomon Smith Barney/Citibank, as last week Natalia Nekipelova left the firm's research group, according to sources. This follows the departure of ABS research head Peter DiMartino the prior week. Nekipelova was a vice president. Like DiMartino, Nekipelova did not move to a competing bank and has no reported plans for the near term.
The portfolio management team at AIG is seeking a junior level credit analyst. The position requires three to five years of experience in the ABS arena. Responsibilities include tracking performance, calculating durations and statistics of various portfolios, month-end pricing and analyzing securities to be purchased.
Peter Szurley, a shareholder at GnazzoThill, will become co-chair of the Uniform Commercial Code Committee of the Business Law Section of the State Bar of California, an honor shared with Pauline Stevens of Morrison & Foerster. Szurley's practice concentrates on syndicated and non-syndicated, secured and unsecured lending transactions, securitizations and structured finance, and loan and lease portfolio acquisitions.
Citibank Agency and Trust last week said it hired Suyenne Pollock, joining structured finance analytics team, and Karen Schluter, joining the structured finance administration team, both from J.P. Morgan Chase. Also, Stephanie Golden and Kate Horn previously joined the sales team from Bank of New York and Deutsche Bank, respectively, Citibank said.
This Wednesday at 9:00 a.m. the Financial Accounting Standards Board (FASB) has an SPE consolidation discussion scheduled on its agenda. The Board will continue re-deliberations of the provisions included in the exposure draft, including the identification of special-purpose entities, variable interests, and related matters.
Mexican housing lender Hipotecaria Su Casita is looking to strike on Oct. 15 with a Ps672 million seven-year deal backed by bridge loans for construction. Structuring agent Deutsche Bank revamped the deal to garner triple-A national-scale ratings from all three global agencies. Market talk has the deal pricing at around 100 basis points over 6-month Cetes (see ASR 9/16, p. 22).
Capital Source has a $325 million CDO backed by middle-market loans expected to be announced this week via Wachovia Securities, according to IFR Markets. The deal will be the largest middle market loan transaction yet for the issuer. European investors report hearing pre-marketing whispers, although the three-tranche structure is likely to change before the announcement.
WestLB is planning to roadshow a $100 million subprime auto ABS for Condor, a Long Island-based family-owned auto company, sources said. The typical, one tranche, WestLB deal will be rated A3/A- (M/S). A short average life is expected.
Barclays' card ABS deal, Gracechurch, should kick off early this week via Barclays Capital. The deal is expected to be $1.0 billion in size.
Morgan Stanley is in the early stages of marketing a synthetic ABS CDO backed by product underwritten by the firm's ABS group, according to IFR Markets. The SST 2002-1 synthetic CDO is said to be referencing a pool of 30 investment grade securities, including CMBS, REIT, credit cards, auto ABS, and RMBS. Morgan Stanley could not be reached for comment.
W.P. Carey & Co, has completed a $172 million CMBS transaction on behalf of itself and three affiliated real estate investment trusts. The bonds are backed by mortgages on properties owned or managed by W.P. Carey. It is the largest CMBS securitization ever to involve an asset pool consisting solely of single-tenant, triple-net-leased, non-credit-tenant lease assets underwritten as real estate loans. "This transaction made sense for us, obviously there is some efficiency in doing the larger transaction," said John Park, CFO at the firm. "If we were to do another one in the future, we would probably do a larger transaction. This was a good way for us to get our toe in the water."