Credit Suisse First Boston Managing Director and asset-backed CP global origination head Maureen Coen will assume oversight of the European conduit and credit products advisory group. CSFB Director Scott Spiegel will assume additional responsibilities in the U.S. asset-backed CP origination group. Coen, who has been with CSFB since 2000, will continue reporting to Managing Director Hans Bald. Spiegel has been with the firm since 2001.
United Capital Markets recently hired Linda Hannan (CPA) as its first-ever CFO, reporting to UCM President and head trader John Devaney. Hannan previously served as CFO of Austin, Texas-based Amherst Securities, a position she held for roughly four years. The move comes as part of a larger personnel ramp-up that includes a search for a chief operating officer and up to 50 additional staffers, according to a position description posted on Bloomberg.
Standard & Poor's CDO group, headed by David Tesher, aims to hire three new CDO analysts in the near term to support its U.S. CDO effort. Analyst duties would entail working on all CDO types, including synthetic, cash and market value products
Credit Suisse First Boston's research strategy group is seeking to hire a vice president level analyst to focus primarily on non-mortgage assets, but with potential responsibilities across all asset classes. The candidate, who would report to Managing Director and ABS Research Head Rod Dubitsky, should have four-plus years of experience in the structured finance market.
JPMorgan Chase's Samir Pandir was named executive business manager of its Bankruptcy and Settlement Services subsidiary. Pandir was previously product manager for the global debt business and business manager for JPMorgan servicing unit Systems & Services Technologies. Also, Craig Stolow was named team manager of BSS and Owen Ellsworth named senior product manager of BSS, both reporting to Pandir.
Thacher Proffitt & Wood LLP named Jose Antonio Chavez as a partner in its Mexico City office, where he will continue his focus on structured finance and corporate matters, assisting Mexican and foreign clients in commercial and civil law issues. Chavez has worked at TP&W for five years, where he focused on mortgage-backed securities, future flow deals, asset-backed securities, sovereign and sub-sovereign bonds, synthetic transactions and derivatives.
The Bank of New York has been selected by Abu Dhabi Power Bond Ltd. to provide trustee, principal paying agent, transfer agent and registrar services to its $23 million floating rate notes due 2008, $21.5 million notes due 2011, and its $89.25 million notes due 2014. The transaction securitizes a long-term project-finance loan provided by National Bank of Abu Dhabi to the Emirates CMS Power Co. for the purpose of financing the Al Taweelah A2 power and water project.
Wilmington Trust has expanded its capabilities in performing administrative functions to include structured finance transactions. The initiative will be headed by Senior Vice President and head of client development Donald MacKelcan. Working with MacKelcan will be Assistant Vice Presidents Patricia Evans and Mary Kay Pupillo as well as Vice President Roseline Maney. "With its expanded administrative capabilities, Wilmington Trust also helps issuers meet increasingly stringent rating agency requirements. Since it does not underwrite securities, Wilmington Trust can serve as a provider that is free from potential conflicts of interest often involved in structured finance deals," Wilmington said in a release.
The latest payment report for SCIP2, issued by Italy in December 2002, is due out this week and, as of press time, reports indicated that a payment shortfall was expected in the principal required to redeem the Class A2 notes. Currently, the notes trade at 34 basis points over Euribor and the cashflow waterfall should mitigate any noteholder concerns. At risk are the A3, B and C notes where slowing collections could result in a downgrade.
Cadwalader, Wickersham & Taft moved its Manhattan-based law office headquarters to One World Financial Center last week from its previous location at 100 Maiden Lane. Phone numbers for the firm remain the same.
JPMorgan Chase will announce the release of its new Web-friendly document management service in the near term. Called WebConnect, it is a Web-based reporting service offering access to detailed data and reports from JPMorgan's document custody system. Queries can be run for the status of pools, loans and documents for all loan types. By the end of 2005, additional drill-down capabilities will be added, such as detailed document images.
MBNA Corp. reported that loan receivables as of Dec. 31, 2004, totaled $33.8 billion, a $134.8 million increase over year-end 2003. Total managed loans were $121.6 billion, an increase of $3.1 billion from 2003. Losses on loan receivables and managed loans for 4Q04 were 3.74% and 4.43%, respectively, and delinquencies on loan receivables and managed loans was reported at 3.29% and 4.13%, respectively, as of Dec. 31, 2004.
Ford Motor Credit Co. reported on-balance sheet receivables totaled $133 billion, compared with $128 billion at year-end 2003. Managed receivables totaled $168 billion at year end, down $7 billion from the $175 billion reported at year-end 2003, primarily reflecting lower retail and operating lease financing, according to the company.
Sallie Mae reported a record $18 billion in annual preferred-channel loan originations, an 18% increase from the prior year. Additionally, the student lender reported that its total managed loan portfolio surpassed $107 billion.
The CIT Group Inc. reported its managed assets totaled $53.5 billion as of Dec. 31, 2004, up 7.5% from last year, reflecting financing and leasing asset portfolio growth offset, in part, by securitized receivable runoff for the year. Total financing and leasing portfolio assets grew to $45.2 billion, up 12.7% from last year, including a $900 million increase in the home equity portfolio and asset-backed lending in business credit. Securitized receivables declined to $8.3 billion from $9.7 billion, principally due to CIT funding home equity receivables on balance sheet, the company added.
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