Deutsche Bank Securities appointed managing directors Rich d'Albert and Michael Raynes as global co-heads of the Securitized Products Group, reporting to Rajeev Misra, global head of Integrated Credit Trading. Additionally, the global CDO business will be moved into the credit hybrid business, headed by Brian Zeitlin and Mark Stainton.
Moody's Investors Service said Group Managing Director Noel Kirnon has increased responsibility and is now in charge of its global derivatives business, effective immediately. Kirnon, who had led the ratings agency's derivative business in the U.S., brings together its Asia, Europe and U.S. derivatives teams under one person. Kirnon will still be responsible for Moody's CMBS business in the U.S. In related news, the role of Managing Director Gus Harris also was expanded. Harris will have increased responsibilities for developing and integrating its CDO and derivatives information services globally.
Law firm Schulte Roth & Zabel recently hired Kirby Chin and Daniel Oshinsky to work in its Commercial Finance Group. Chin will focus on asset-based lending, debtor-in-possession and subordinated debt financing. Oshinsky will focus on CDOs, syndicated and mezzanine loans and asset-based lending.
Deutsche Bank Securities has appointed Todd Knezovic as head of pass-through trading in the United States. Since joining Deutsche in 1995, Knezovic has managed the swaps and options trading desk and, most recently, the U.S. cross-rate trading business. Knezovic will report to Jon Kinol, head of global rates in North America, and Richard D'Albert, global co-head of the securitized products group.
Ginnie Mae Executive Vice President George Anderson leaves the agency in June or July. Published reports said he plans to work either in the private or public sector, by helping African countries develop secondary mortgage markets. Anderson has been with the Department of Housing and Urban Development since he graduated from business school 33 years ago. Anderson has been executive vice president at Ginnie for eight years.
Lincoln Partners recently hired Robert M. Horak as vice president and Christine Tiseo as associate. Horak is formerly of GE Commercial Finance, where he was a vice president in Global Sponsor Finance. Tiseo previously served as a senior corporate analyst at Stonebridge Associates. Lincoln Partners, an investment bank headquartered in Chicago, is focused on serving the needs of middle-market companies.
Mellon Bank was unable to provide a definitive evaluation of its balance sheet's assets and liabilities for its first quarter financials, as the bank continues to interpret Financial Interpretation No. 46R, and its impact on Mellon's ABCP conduit Three Rivers Funding Corp., sized at $745 million. In the bank's filing with the Securities and Exchange Commission, Mellon writes "All other amounts in this earnings release that are derived from balance sheet amounts are also considered preliminary."
Metris Companies Inc. has said it is considering a private placement of Rule 144A senior secured notes, totaling $250 million, via Bank of America Securities, Deutsche Bank Securities and Goldman Sachs. If completed, Metris would use the net proceeds to refinance existing indebtedness, including its existing term loan indebtedness, its 10% senior notes due in 2004 and a portion of its 10 1/8% senior notes due in 2006. Metris also announced last week that it had set up a $175 million term loan facility via Goldman Sachs.
Ginnie Mae's decision to lower servicing fees on Ginnie II MBS has seemingly paid off, as lenders have securitized more 30-year fixed-rate loans in GNMAs IIs. The average servicing fee declined to 48 basis points from 78 basis points, Theodore Foster, vice president for MBS at Ginnie, said at the Mortgage Bankers Association's secondary market conference. In March, 47.2% of all 30-year fixed rates went into Ginnie II securities, rather than to Ginnie I securities. Prior to Ginnie Mae lowering its minimum servicing fee requirement from 44 basis points to 19 basis points last July, only 25% to 33% of fixed-rate product went into Ginnie IIs. Execution has also improved and spreads between GNMA Is and GNMA IIs have narrowed, Foster added.
The Association of Financial Guaranty Insurers announced record results in aggregate premiums written, revenues, net income and financial strength. AFGI member firms also insured a record volume of public sector bonds, both domestically and internationally. While the amount of insured asset-backed securities was lower than the record levels of recent years, it represented more than 40% of total par insured in 2003.
The Italian government's real estate transaction SCIP is again facing pressure as collections continue to fall behind expectations, according to market reports. To meet next week's scheduled payment, the government is pushing through a measure allowing a 800 million-subordinated loan to SCIP 2.
some purchasers. Standard & Poor's noted that a bank liquidity line in the form of subordinated notes would be made available to the issuer that will be fully drawn before interest payment this month.
The first-quarter sale of Sky Financial Solutions, the dental finance business of Sky Financial Group, caused a restatement of results for all historical periods to reflect the results for SFS as discontinued operations. The gain on the sale of SFS, income from discontinued operations for the first quarter, totaled $18.7 million, or $.20 per diluted share. This compares with income from discontinued operations of $1.9 million, or $.02 per diluted share in 4Q03 and $0.2 million, less than one cent per diluted share in 1Q03.
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