Peter Cerwin has joined C-BASS as a managing director in the capital markets group, where he will focus on new business opportunities and executing transactions from a capital markets perspective. Cerwin joins C-BASS after four years as a director in the securitized products group at Deutsche Bank Securities, where he was responsible for the origination of real estate related structured products. In his new position, he reports to Chief Investment Officer John Draghi.
The American Securitization Forum will honor Hyperion Private Equity Funds founder Lewis Ranieri and BlackRock, Inc. Chairman and Chief Executive Officer Lawrence Fink with its inaugural Distinguished Industry Service Award, to be presented at Thursday's Annual Meeting in New York. Ranieri, of Liar's Poker fame while at Salomon Brothers in the 1980s, is credited with creating the "template for securitization and launched the now multi trillion-dollar securitization industry," said ASF Executive Director George Miller in a release announcing the award. Fink, who will also deliver the keynote speech at the gathering, is the former co-head of the taxable fixed-income at First Boston and one of the first MBS traders on Wall Street.
Wenbo Zhu recently joined hedge fund GSC Partners, as senior vice president in the structured finance group, to head up its quantitative analysis and analytics team. Zhu joins from Merrill Lynch, where she spent seven years developing models for various ABS and MBS asset classes. Additionally, Anik Mukheja was hired as an associate in the structured finance group. Mukhela has five years experience as a portfolio manager at Lazard.
JPMorgan Chase's Global debt CDO sales team added three new members last week, with Michael Eggert, Kennedy Glasscock, and Dominique Salem having moved over from the CDO origination and structuring team. All three will report jointly to Mark Hartzell and Steve Patterson.
ABS trader Tom Cusick recently left his position as vice president at Banc of America Securities, sources confirmed. Although it was unclear as to where he would resurface, but sources said he was perusing buyside opportunities.
Desmond Macauley recently joined RBS Greenwich Capital as a vice president in the asset backed-mortgage strategy, where he will focus on ARM collateral. Macauley joins after a five-year stint at Merrill Lynch, where he worked in a similar role. In his new position, he reports to Managing Director George Davala, head of asset backed sales.
Ford Motor Credit Co. received approval to commence business operations in The People's Republic of China, clearing the way for it to expand its auto financing operations in China, starting at the beginning of the third quarter. Ford will begin its operations by offering wholesale dealer floorplan financing to local dealerships, as well as "pilot consumer installment loans in select markets," the company announced in a release. The approval came at the end of a multi-stage process that lasted more than a year. The final phase required Ford Motor Credit to hire personnel and set up processes for review by Chinese regulators. Ford will subsequently expand financing to dealers of other Ford Motor Co. brands including Volvo, Land Rover and Jaguar.
AEP Texas Central Co. submitted the company's true-up filing to the Public Utility Commission of Texas for a final determination of stranded costs and other true-up amounts as required by the Texas Electric Choice Act of 1999. AEP Texas Central seeks approval of true-up balances of approximately $2 billion in stranded costs and associated carrying costs since the start of retail choice in 2002 and approximately $400 million in other true-up amounts including carrying costs.
Dominion Bond Rating Service has rated over $100 billion in U.S. ABS and RMBS transactions since opening its New York office last March, the company announced last week. Additionally, on 15% of the deals it rated, DBRS was one of two ratings. "The success of our ABS and RMBS teams demonstrates the strength of the DBRS rating," said Managing Director Michael Nelson. "There is a growing acknowledgement of our position in the entire fixed-income market."
Radian Group Inc., parent of triple-A rated surety provider Radian Guaranty, plans to issue $250 million of 30-year senior unsecured debt via Banc of America Securities and Bear Stearns as joint leads. Proceeds from the debt offering will be used to for which will be used to pay down all $219.3 million of its outstanding 2.25% senior convertible debentures due 2022, with the balance of the net proceeds to be used for general corporate purposes. Radian Group is rated A' by Fitch Ratings, A2' by Moody's Investors Service and A' by Standard & Poor's.
Collegiate Funding Services announced plans to launch of a new private loan product and expand its presence in the private education loan market, the company announced. Beginning this month, CFS will market, purchase, retain and service this new product while continuing to market private loan products for other lenders. CFS has obtained insurance from an undisclosed, double-A rated, surety provider for the vehicle. CFS expects that the new product will represent approximately 25% of its total private loan originations in 2005, the company added.
MBNA Corp. was named to the Bottom 10 List by Gimme Credit, an independent research firm aimed at institutional investors. Citing "Barclays' warning of higher losses in its cards business," Gimme Credit speculated that it " may be a harbinger of increased U.K. credit concerns. Absent a takeover bid, MBNA may be pressured to accelerate buybacks," the firm added.
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