Robert Fleisher has been appointed head of the U.S. securitization group at HVB. Fleisher is responsible for managing the origination and execution of new ABS transactions booked in the Americas. The U.S. securitization group is part of the broader product sales and structuring group managed by William Orsini out of New York. HVB is actively looking at both on-the-run and off-the run opportunities, and expects to hire an additional banker in the near future.
Fortis Securities, which lured away James Frischling from Societe Generale's CDO group in July 2005, recruited another three executives from the bank last week. Scott Friedman joined as senior vice president, while Advait Joshi and Larry Bowman were hired as vice presidents in the structured credit group at Fortis. All three will report to Frischling. As managing director, Frischling has beefed up the group and now oversees a team of 18 professionals.
Greg Lippman, managing director and head of ABS trading and syndicate for North America and global head of CDO trading at Deutsche Bank Securities, has been promoted to global head of ABS trading and syndicate for North America. Lippman, who is based in New York, reports to Richard D'Albert, Deutsche's global head of the securitized products group.
Deutsche Bank announced the appointment of Neil Servis as managing director and global head of managed synthetic CDO origination and distribution. In addition, he will co-head European CDO origination and distribution alongside Fritz Thomas, managing director and head of Europe and Asia for the CDO group. Servis, who will be responsible for originating and distributing publicly managed synthetic CDOs, will be based in London and will report to Thomas. Previous to this role, Servis was responsible for the European structured credit syndicate and European collateralized loan obligation business at Citigroup.
Societe Generale Corporate & Investment Banking formed a U.S. debt capital markets group. Based in New York, this new group combines all of the company's U.S. debt capital markets products, including loan and structured debt syndicate (including securitization and project finance), high yield and mezzanine debt, private placements and euro bond origination, under one roof. Neil Parekh, global head of high yield finance, has been appointed as the head of the new U.S. debt capital markets group, and will report to New York-based head of debt finance in the Americas, Paolo Taddonio. Gail McDermott, David Stern and Julian Carter will remain the heads of private placements, securitization syndicate and origination, respectively. Among other changes in the company, Ted Lunney has been named head of high yield sales and trading and Terry Sanabria has been appointed head of loan sales and trading. Both Lunney and Sanabria will report to Parekh.
Wachovia Securities announced that Tom Burke will join the firm in London as managing director and head of European principal finance. He will be responsible for building a new principal finance business in the region. Lee Rochford will also be joining the firm in London as managing director of the same group. Burke most recently held the position of managing director in the debt principal finance and securitization group at Dresdner Kleinwort Wasserstein. Rochford joins Wachovia from Credit Suisse where he was managing director and head of European asset finance, a group in charge of all European securitization and principle finance activities across multiple jurisdiction and asset classes.
Deutsche Bank announced that Massimo Ruggieri has been appointed as a director in its securitized products group. In his new role, Ruggieri will be responsible for all Italian securitizations, including financial institutions and public sector deals. Most recently a director at UBS, Ruggieri will now be based in London and report to Jeff Stolz, managing director and co-head of financial institutional group, securitized product group.
CWCaptial, a full-service national lender to multifamily and commercial real estate industries, announced that it has hired Jeffrey Baevsky as managing director within the company's structured finance division. In his new role, Baevsky, who is a former vice president in the real estate finance division of Wachovia Bank, will be focusing on originating high yield transactions. He will report to Kent Daiber, senior managing director of CWCaptial's structured finance division, and will be based out of New York City and Greenwich, Conn.
GSC Partners appointed former GSC board of advisors member, Michael Lynch, as senior managing director. A member of GSC's board of advisors since March of 2005, Lynch was formerly with Goldman, Sachs in their investment banking division where he was elected partner in 1986. Lynch will continue to serve as the chairman of GSC's strategic initiatives committee, as well as an investment committee member for the GSC credit strategies fund and the GSC European mezzanine funds. He will be based in the firm's New York office.
Fried, Frank, Harris, Shriver & Jacobson LLP announced that David Mitchell has joined the firm as a partner in the corporate department. Mitchell provides regulatory, transactional and litigation advice to clients on structuring transactions and funds, new product development and regulatory, compliance and enforcement matters. His primary areas of practice include: the structuring and regulatory analysis of complex derivatives and synthetic and structured products as well as providing advice to derivatives businesses concerning managing and mitigating legal and regulatory risks of transactions. Mitchell joins the firm from Cadwalader, Wickersham & Taft LLP where he was a partner in the capital markets department.
SunTrust Robinson Humphrey, the investment banking arm of SunTrust Bank, added five new hires. Among the new appointments is Mike Wheeler, who will take on the roles of managing director and head of institutional derivative sales. Wheeler comes to Robinson Humphrey from Wachovia Securities where he was most recently head of institutional derivative sales, and he has also previously held a similar position at Bank of America.
BNP Paribas announced last week the appointment of Ricardo Moura as head of debt capital markets in Latin America. Moura previously held a position at the Brazilian Central Bank where he structured Brazilian external debt issuances. In his new role, Moura will be based in Sao Paulo, Brazil, and report to Carlos Calabresi, head of fixed income in Latin America, and Luis Berlfein, head of fixed income sales in Brazil.
Capital One Financial Corp. announced that Jory Berson, executive vice president of U.S. card operations, has been named head of the company's U.S. card business. Berson's appointment follows the departure of former head of U.S. card, Catherine West, who has accepted the position of executive vice president and COO for J.C. Penney Co. In his new role, Berson will be responsible for directing Capital One's U.S. card business, which has more than 37 million customer accounts and over $47 billion in managed loans. He will report to the company's Chairman and CEO Richard Fairbank, and will be a member of the company's executive committee.
The International Swaps and Derivatives Association announced the launch of a documentation template for CDS on CDOs last week. The Credit Derivative Transaction on Asset-Backed Security with Pay-As-You-Go or Physical Settlement is intended for use with reference obligations that are CDOs in note form, said the ISDA. Although the CDS on CDO template is similar to the template for other forms of CDS on ABS with a pay-as-you-go approach, a key difference is that the CDS on CDO template addresses implied write-downs, whereby a drop in the asset value of the underlying necessitates an adjustment in the collateralization.
South Africa's Absa Capital, in conjunction with Vunani Capital, has acted as a joint lead arranger in the securitization of Eskom Finance Co.'s(EFC) R1.6 billion ($236.2 million) home loan book. The securitization was approximately three and half times oversubscribed and priced tightly, with all the notes clearing at or below price guidance. This deal takes place after a majority stake in the Absa Group was purchased by Barclays Bank PLC last year. The South African securitization market recorded significant growth last year. Total issued term securitization issuance increased to R22.0 billion, up 193% from 2004, and almost doubling the total term issuance to R51.5 billion to date, according to a report by Moody's Investors Service.
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