Emerging market veteran Ron Dadina has moved over to Bear Stearns. The new hire, who starts today, was hired as a managing director in international debt capital markets. Dadina will be reporting to AJ Mediratta, head of emerging markets debt capital markets as well as Chris O'Connor, head of origination and syndication of debt capital markets. He will also work very closely with John Tonelli, who is managing director in emerging markets mortgage finance at Bear. Dadina previously had a 7.5-year stint at bond insurer MBIA where he focused on future flow emerging market deals, particularly in Turkey and before then, in Brazil. Dadina has spent many years focusing on emerging market future flow transactions.

Christian Corcino has joined the Latin American securitization team at Deutsche Bank, following a brief 11-month stint at Standard Bank. As an associate, Corcino will be reporting to Brigitte Posch, a former colleague from his days at Moody's Investors Service. Corcino was at the rating agency for five years. At Deutsche, he will be focusing on mortgages and construction loans in Mexico, mostly in the domestic market initially. He is also expected to be looking at existing asset deals in Peru and Colombia.

Churchill Financial Holdings hired four for its underwriting and portfolio management team. The middle market lender hired Arminda Youse-Warde as vice president-portfolio. Warde, previously a managing director at PNC Bank, will be responsible for the firm's portfolio. Sheldon Howell, Andrew Hull and Carol Loundon were each hired as senior associates, focusing on underwriting new financing transactions and managing the loan portfolio. Previously, Howell, Hull and Loundon worked for Merrill Lynch, LaSalle Bank in Chicago and Capital Source Finance, respectively. George Kurteson, head of middle market finance at Churchill, said last week he expects the company's currently $600 million portfolio to grow to $1 billion by year end.

SN Servicing Corp. recently hired John Guy as vice president of business development, wherein his first task involved establishing the company's Florida office. Afterward, Guy will focus on acquiring sub- and non-performing first- and second-lien residential mortgage portfolios. Guy reports to David Pollio, who is managing director of acquisitions at the firm. He spent the last two years originating structured commercial debt on behalf of Southbridge Investments. Before that, he spent four years with Mission Capital Advisors, where he was responsible for sourcing over $6 billion in residential distressed loan sale advisory assignments. Previously, Guy has worked for The Carlton Group, Ocwen Financial Corp., Deutsche Bank and Bank of America.

Najib Canaan joined Brevan Howard Asset Management where he will lead the firm's push into trading asset-backed securities. Prior to joining Bravan, Canaan was at Nomura Securities, where he was head of fixed income capital markets. Brevan also recently hired George Spentzos, formerly from Cheyne Capital Management.

Private investment firm Carrington Capital Management and affiliate Carrington Mortgage Services won a bankruptcy auction of New Century Financial Corp.'s loan servicing business. Carrington agreed to purchase the core asset from this subprime mortgage lender for $188 million, New Century announced late last Wednesday. According to New Century, Carrington's offer was 35% more than the $139 million bid the firm made when the beleaguered lender sought Chapter 11 protection in April. Reports said that U.S. Bankruptcy Court Judge Kevin Carey, who is presiding over New Century's case in Wilmington, Del., has scheduled a hearing to rule on the transaction for May 21. If approved by the court, the deal is expected to close by the end of June, New Century said.

Last week Federal Reserve Chairman Ben Bernanke said he expects Basel II will be implemented in the U.S. in early 2008. While Basel II implementation in Europe has already gotten underway, disagreements among the Federal Reserve and other bank regulators have slowed the adoption process in the U.S. Bernanke spoke Thursday at a Chicago Federal Reserve gathering. He added that the implications of the subprime fallout were minimal, stating that the financial system will absorb the losses without serious problems.

Credit Suisse and Scotia Capital were in the market last week with a $700 million 144A for Florida Power & Light Co. (FPL), sources said. The deal is composed of operating company and holding company debt through FPL's hydroelectric subsidiary. White Pine Hydro, the operating company, will issue $575 million in 10- and 30-year notes secured by the hydroelectric assets, and White Pine Portfolio, the holding company, will issue $125 million in eight-year, senior secured notes. Price talk was not available by press time.

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