Banc One Capital Markets ABS syndicate head Andy Cherna will be retained by JPMorgan Securities in the post-merger entity, the company announced internally last week. In his new position, Cherna will report to JPMorgan's head of syndicate and trading Brian McDonald and work closely with Randall Outlaw, Stacey Mitchell, David Stern and Lizmary Rodriguez. Cherna, who has worked at Banc One for eight years, will likely officially move to JPMorgan's Park Avenue headquarters in July.
Hypo Real Estate Bank recently hired Paul Scuderi and Steve Shantz for its New York-based derivative and securitization back-office operations. Moving over from HypoVereinsbank, both rejoin former securitization chief Tom Glynn, who left HVB at the start of the year. Glynn is, apparently, putting together a very similar team to what he had at HVB. Cheryl Statsky, also from HVB, will join the origination group in June. Statsky reports to Nancy Henderson, who, along with Ann Holtwick and Frank Butler, moved over from HVB earlier in the year.
Confirming months of speculation, RBS Greenwich Capital officially hired Banc One Capital Markets ABS banker David Duzyk to initiate non-mortgage ABS origination, sources confirmed. Duzyk will be a managing director at RBS, where he will report to managing director Bob McGuinness, head of structured finance at RBS. Duzyk begins at RBS June 1. He will work in tandem with managing directors Joe Walsh, who heads mortgage ABS, and John Anderson, who heads principal finance for RBS. This represents the first move into consumer ABS products for RBS, which has been a powerhouse in mortgage-related sectors of the ABS market. While no other BOCM bankers have officially been hired, more are expected to follow Duzyk to RBS in the near term.
Berrak Dogruer recently started at Moody's Investors Service as an associate product strategist, reporting to Michelle Adler. In her new role, Dogruer will be responsible for development and marketing for ABCP Query and Moody's Mortgage Metrics products. Dogruer was formerly an associate at advertising agency Booz Allen Hamilton Inc.
ACA Financial Guaranty Corp. named Alan Roseman as its new chief executive officer last week, clearing the way for the fifth-leading financial guarantor to complete its delayed initial public offering, reported ASR sister publication The Bond Buyer. Both Fitch Ratings and Standard & Poor's are expected to review new management and re-evaluate ACA's capitalization should the IPO be successful. This follows the previous week's hiring of William Tomljanovic as head of its structured finance business.
XLCA named Edward Hubbard as its president and chief executive, effective June 1. Hubbard will take over for David Stevens, who recently announced his resignation, reported ASR sister publication
The Bond Buyer. XLCA will now conduct an internal search to fill Hubbard's previous position as chief financial officer.
Chad Johnson recently joined CDC IXIS as a director in its New York ABS group. Johnson had worked at Scotia Capital for three years in its conduit group.
Following a name change, the upcoming $790 million stranded cost securitization from Oncor Electric is seen hitting the market in the near term, sources said, with some speculating that it could price within two weeks (see related story, p.1). Oncor filed an updated term sheet with the Securities and Exchange Commission last week, in which the name of the offering was changed to TXU Electric Delivery Transition Bond Co. LLC from the initial Oncor Electric Delivery Transition Bond Co LLC. Merrill Lynch and Wachovia Securities are joint lead managers on the offering, with Banc of America Securities, Bear Stearns, Credit Suisse First Boston and M.R. Beal as co-managers.
WMC Mortgage has announced a cash tender offer to redeem all of its outstanding 11 3/4% senior unsecured notes due 2008. The tender offer will expire at 5 p.m. on June 17, unless extended or terminated. The consent solicitation will expire at 5 p.m. on June 3. The bonds, which priced last December, will likely be refinanced into lower-interest funding following the close of the acquisition of the single-B minus rated mortgage lender by triple-A rated GE Capital Corp.
The Mortgage Bankers Association last week forecast $2.4 trillion in mortgage originations in 2004, a lower projection compared with last month's prediction of $2.6 trillion, according to its monthly Mortgage Finance Forecast. Refinance activity will reach $1 trillion, down from the previously forecasted $1.2 trillion, and purchases are expected to total $1.4 trillion, comprising 57% of originations. The volume of ARMs likely will rise as borrowers move into ARMs to manage affordability. About 3% of the total conventional purchase loans will be ARMs.
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