Nomura Securities recently poached a pair of bankers from ING Barings to bolster its asset-backed effort. Continuing the mass defections among ING's ABS pros,
Will Lloyd has resigned from his post as head of global securitization research at Barclays Capital to accept a position at independent research firm
Taking over for Lloyd as head of global securitization research is Gary Jenkins in Barclays London office. The U.S. ABS research team - consisting of director Jeff Salmon and associate directors Juliet Jones and Joseph Astorina - will be headed by managing director and U.S. high-grade credit research strategy head Mark Pibl in New York, who in turn, will report to Jenkins.
ABS research associate Frank McCollum has left his position within the Banc of America Securities research strategy group to explore other opportunities. Taking over the bulk of McCollum's duties on BofA's research daily ABS FirstLook is
Pat McCormick has joined bond insurer CIFG's marketing group, where he will be a director, reporting to structured finance head
Devang Sodha has jumped to Bank of Tokyo Mitsubishi from Credit Lyonnais, where he will hold the title of vice president. In his new position, he will report to Vince DeLuca, head of U.S. ABS for Tokyo-Mitsubishi. Sodha, an ABCP specialist had worked at Credit Lyonnais for five years.
CDC IXIS has hired senior associates Rob Stanley from FleetBoston Financial and Tim Morris from ING Barings. The pair will report to
The Michigan Public Service Commission announced that it would allow CMS Energy operating unit Consumers Energy Co. to securitize roughly $550 million in stranded costs, according to wire reports. CMS has sold one stranded cost ABS in the past, a $468.5 million 2001-1 deal that priced Oct 31, 2001 via Morgan Stanley.
Additionally, TBMA said it would post CDO statistical data on its Web site available for download.
Independent corporate bond research firm
Standard & Poor's announced last week that it has cut the ratings of the eight aircraft- lease ABS rated by the agency due to "ongoing negative industry conditions" for the airline sector. Trusts affected by the move include: AerCo Ltd., Aircraft Finance Trust 1999-1, Airplanes Pass-Through Trust, ALPS Pass-Through Trust 1996-1, Aviation Capital Group Trust 2000-1, Embarcadero Aircraft Securitization Trust 2000-1, Lease Investment Flight Trust 2001-1 and Triton Aviation Finance.
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