Banc of America Securities has reorganized its structured finance research group, transferring Kumar Iyer and Kenneth Brown to new roles as desk analysts. BofA will now look to build a new research strategy team from the ground up, according to Global Head of Debt Research David Goldman. The new group, which will "almost certainly" be based in New York, will focus on "identifying new assets and trends," in structured products, Goldman added.
Jeremy Gluck is retiring from his position as in the derivatives group at Moody's Investors Service, where he had worked since 1992. Gluck had moved to Moody's San Francisco office last July, and had been authoring Moody's CDO research, including the agency's quarterly CDOEdge report.
Deutsche Bank Securities hired Tony Pawlowski from Citigroup Global Markets as a director in its CDO group, where he will work on distribution and marketing of CDO product. In his new position, he reports jointly to Managing Directors Michael Herzig and Michael Lamont
Patrick Corcoran, who headed JPMorgan Securities CMBS research strategy effort, recently retired from the firm. There is no word on his replacement yet. Corcoran, a vice president, had been with JPMorgan since 1997.
Research analyst Vivien Huang left her position as vice president in the ABS strategy group at Credit Suisse First Boston last week. There was no immediate indication as to where she was headed. Huang joined CSFB in August 2003.
ABN AMRO is merging its mortgage operations with those of its Bouwfonds Mortgages subsidiary, making it the third-largest mortgage business in the Netherlands. The new group wil be headed by Frank van der Heijden, director of Bouwfonds. "The merger will allow Bouwfonds to further sharpen its operational focus as the property expertise centre within ABN AMRO Group," ABN AMRO said in a release.
Fitch Ratings has assigned LoanCare Servicing Center, the subservicing subsidiary of LandAmerica Financial Group, a RPS3-' rating last week, the company announced. In its announcement, Fitch cited LoanCare's management team, as well as its BBB' unsecured debt rating.
FGIC has guaranteed its first new issue U.K. bond offering since reopening its London office in October 2004, the company announced last week. The transaction, for Premier Transmission Financing, priced via Barclays Capital and Royal Bank of Canada. The transaction has underlying ratings of A1' from Moody's Investors Service and A' from Standard & Poor's.
Provost Umphrey, which represented Texas in the landmark 1998 Master Settlement Agreement with the five tobacco companies, recently priced a $30.3 million tobacco litigation fee securitization via broker/dealer shop RivireJenison Securities. The Baa2' rated, series 2005-A transaction, with a six-year average life and 10-year final maturity, priced with an 8.58% coupon. Provost Humphrey has been part of previous tobacco litigation fee ABS (see ASR 8/2/04), but this represents the first time it is the sole seller into a pool.
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