Professional Documents
Culture Documents
6 LEADING NEW-ISSUE UNDERWRITERS 2 Moodys Scurries to Explain Loan Data 2 More CLOs Get Passing Grades 3 Nissan Soups Up Issuance Plans 3 BayernLB Presses Case vs. Aladdin 3 BNP Conduit Goes Out of Business 4 Mortgage-Bond Trading Runs Dry 4 Fortress Clones Opportunistic Fund 9 CALENDAR 10 INITIAL PRICINGS
As Hudson Castle began dissolving its core commercial-paper conduit business, the New York firm agreed on July 1 to sell the operations of its newly launched Financial Institutions Funding vehicle to 20 Gates a firm that former Credit Suisse executives Hans Bald and Joe Soave set up a year ago. The development sheds light on a statement by Hudson at the time that it had sold assets tied to its conduit-management business, but not its two main issuing vehicles. Those entities, Belmont Funding and Ebbets Funding, have since unwound. For 20 Gates, the purchase of Financial Institutions Funding creates the opportunity for a major expansion. The firms main focus so far has been acting as the lead dealer for Credit Suisses only conduit, the $4 billion Alpine Securitization. Now, the
See HUDSON on Page 5
THE GRAPEVINE
BTIG has dismissed two of the last
remaining members of its structuredproduct brokerage desk. The latest to go were mortgage-bond trader Greg Ikhilov and Jennifer Pariseau, who handled both sales and trading functions. Both had joined BTIG in 2010 Ikhilov from Nomura and Pariseau from Huxley Capital as the New York firm was attempting to establish a presence in structured finance. The shop, best known for its work in equities, saw a number of staffers leave the group late last year and early this year. The retreat apparently became official following the April exit of industry veteran Dan Castro, a former Huxley executive who headed structured-product analytics and strategy. Fund manager Candlewood Investment is still raking in profits. The $1.1 billion
See GRAPEVINE on Back Page
It looks like securitization will play a key role in plans by small-business lender
ing for next year to float a Rule-144A securitization of undisclosed size. The deal would be the first in a routine series of similar offerings. Word got out this week that Main Street, led by Tom Depping, was aiming to shutter its banking operations late this year in an attempt to escape increasingly stringent government controls on banks. As part of the effort, the Kingwood, Texas, bank agreed to sell all four of its branches to Green Bank essentially leaving Depping with the framework to create a non-bank small-business lender with less regulatory oversight. Dubbed Ascentium, the new operation is forming with a $75 million equity injection from Paul Allens Vulcan Capital and Luther King Asset Management. UBS is
See METAMORPHOSIS on Page 5
Asset-Backed
ALERT
the sector and account for most defaults. And because FFELP transactions enjoy a government backstop, the impact of charge-offs within their collateral pools is greatly diminished. Moodys points out that FFELP credits were typically originated with looser underwriting standards than private loans, where lenders became more cautious during the financial crisis. Indeed, private loans have seen defaults decline for more than a year. Industry players have been counting on private credits to ensure a continued supply of student-loan securities going forward, given the fact that the Department of Education stopped offering new FFELP guarantees a year ago. Among both types of accounts, 2.3% of loans written from 2008-2010 defaulted during the first half of this year. Thats up from 0.2% during the year-earlier period, according to the Moodys Analytics report.
Plugged in?
Commercial Mortgage Alert, the weekly newsletter that tips you off to opportunities in real estate finance and securitization you wont see anywhere else.
Start your free trial at CMAlert.com or call 201-659-1700.
CLO Performance
Asset-Backed
ALERT
sider her decision. Specifically, BayernLB said it wasnt given an adequate opportunity to demonstrate that Aladdin was guilty of gross negligence a finding that would trump the banks status as a sophisticated investor. Aladdin, of Stamford, Conn. filed a counter-motion on Aug. 8, saying BayernLB merely is trying to sneak a legally deficient claim through the door. The judge is expected to decide the matter within a few weeks. BayernLB blames Aladdin for misrepresenting the deals collateral. Specifically, the bank says it agreed to invest in the CDOs subordinate tranches investments protected by a relatively low subordination level because Aladdin represented the collateral as high quality. But soon after the transaction was issued, the bank contends, the manager replaced some of the initial collateral with much riskier investments. During the financial crisis, the CDO was buffeted by a series of credit events including the collapse of Lehman Brothers and sale of Washington Mutual to J.P. Morgan that ultimately caused it to collapse. Aladdin was once an active issuer of collateralized debt obligations backed by leveraged loans and structured products. Before the credit crisis, the firm produced more than $16 billion of CDOs and CLOs.
Asset-Backed
ALERT
th e 2 0 1 1
COmmercial Paper
e x e c u t i v e s u m m i t
september 14 - 15, 2011 westin new yOrk times square new yOrk city
mostly involving subprime-loan securities, had little effect on values. The reason: The Brussels bank took its time in negotiating with buyers, after saying in May that it would unload the positions while accelerating a broader deleveraging campaign. Dexia eventually found a group of private equity firms willing to absorb the portfolio. Sources said the approach contrasted with the one the Federal Reserve took in attempting to shed the holdings of its Maiden Lane 2 vehicle, an effort that marked the genesis of the current slide in values. The Fed set out in April to liquidate Maiden Lane, which it created in 2008 to take on a mix of home-loan bonds from AIG as part of the governments bailout of the troubled insurer. Initially, the approach entailed weekly bid lists of $1 billion or more. However, that strategy quickly outpaced investor demand causing values to plunge. Early buyers of the Maiden Lane paper included investment banks that were flipping the securities to other investors. They stepped back in early June, and focused instead on lightening their existing mortgage-bond inventories amid shaky economic and housing-market indicators. Back then, senior alt-A paper was trading around 55-60 cents on the dollar. Oddly, values crept up after that, to 6070 cents in mid-June and as much as 80 cents in July, even as traders insisted that banks were overloading the market with their investments. One possible explanation for the distortion: The Feds sales depressed prices so severely that even the weak technicals that prevailed in June and July appeared to be an improvement. The market responds very well when things are done right and you dont announce that youre dumping $30 billion of bonds over the next nine months, one trader said of the Feds efforts, which have since been put on hold.
fOr mOre Rita Karsadi, Managing Director, Finance Division, iiBIG infOrmatiOn: Phone: 704-999-9806 E-mail: ritak@iibig.com
For Conference Updates & To Register: www.iiBIG.com/CommercialPaper
Asset-Backed
ALERT
Investors Bank & Trust. Ostergaard was on board at Hudson for two years. Before that, she logged 10 years each at Morgan Stanley and J.P. Morgan.
Indeed, it appeared the only securitization completed in the States this week took place outside the asset-backed sector. That transaction, a $370 million collateralized loan obligation that Citigroup placed on behalf of GSO Capital, priced Aug. 8. It hit the market Aug. 5. For an issuer to be in a position to complete an offering by the end of this week, it would have needed to have marketing materials in front of investors on Wednesday. But industry players reported no such activity. Santander filed a registration with the SEC on Aug. 8 for an offering of bonds backed by subprime auto loans. But bankers said the lender had no plans to bring the offering to market this week, and instead wanted to be ready to issue once conditions stabilize. Given the lack of supply, its difficult to peg the values of new asset-backed bonds. However, prospective issuers who have been keeping track of secondary-market prices dont like what they see. Senior securities backed by mainstream consumer assets are changing hands at spreads 2-5 bp wider than a week ago, when two-year auto-loan paper was trading at 15 bp over swaps and similar credit-card obligations were going for 10 bp over Libor. Student-loan securities saw spreads widen by as much as 15 bp. Allys deal was penciled in for $1 billion, with J.P. Morgan and RBS serving as underwriters. Toyota was looking at a $600 million transaction, likely with Credit Suisse running the books. Barclays has been working on Dominos $1.2 billion issue, which is designed to refinance existing obligations.
The roster at 20 Gates also includes former Credit Suisse staffers Josh Borg, Mark Golombeck, Anita Johal, Oliver Niseson and Alex Smith, among others. Bald oversaw Credit Suisses conduit division, while Soave served as head of asset-backed commercial-paper trading and conduit administration. At 20 Gates, they lead a group of dealers that distribute Alpines securities. They also handle certain reporting functions for the vehicle and review legal documents. While the duo already handles similar work for a few small clients, the establishment of Mountcliff marks 20 Gates first large-scale effort to land customers other than Credit Suisse. As for Hudson Castle, it suffered a series of blows during the financial crisis that culminated in a warning from Moodys in June that it might cut the P-1 ratings assigned to paper issued by Belmont and Ebbets. While the move didnt reflect the quality of the conduits assets and instead was brought on by liquidity suppliers Bank of America and Citigroup being placed on watch for downgrades it instantly became harder for the vehicles to find buyers for their paper. Moodys withdrew its ratings for Belmont and Ebbets on Aug. 9, as the conduits finished unwinding their portfolios.
Asset-Backed
ALERT
Banks in US
HEAD ABS TRADER Bank of America Charles Sorrentino, 646-855-9095 charles.sorrentino@baml.com Barclays Chris Haid, 212-412-2449 chris.haid@barcap.com HEAD ABS SYNDICATE Brian Kane, 646-855-9095 brian.f.kane@baml.com Brian Wiele, 212-412-5780 brian.wiele@barcap.com HEAD ABS BANKING Ted Breck, 646-855-4240 ted.breck@baml.com Diane Rinnovatore, 212-526-5460 diane.rinnovatore@barcap.com Cory Wishengrad, 212-526-1305 cory.wishengrad@barcap.com Gerald Keefe, 212-816-3416 gerald.keefe@citi.com Susan Mills, 212-723-6376 susan.mills@citi.com
Citigroup
Eliot Rubenzahl, 212-723-6325 eliot.rubenzahl@citi.com Philip Seares, 212-723-1145 philip.seares@citi.com Geoffrey Chang, 212-723-6289 geoffrey.chang@citi.com Ted Moran, 212-325-2747 ted.moran@credit-suisse.com Pius Sprenger, 212-250-7730 pius.sprenger@db.com
Jay Kim, 212-538-6601 jay.j.kim@credit-suisse.com Kristi Leo, 212-250-2627 kristi.leo@db.com Jay Steiner, 212-250-8424 jay.steiner@db.com Michael Millette, 212-902-3702 michael.millette@gs.com Curtis Probst, 212-902-6595 curtis.probst@gs.com David Duzyk, 212-834-5657 david.m.duzyk@jpmorgan.com Valerie Kay, 212-761-2162 valerie.kay@morganstanley.com Daniel McGarvey, 203-897-6217 daniel.mcgarvey@rbs.com Julie Caperton, 704-374-4918 julie.caperton@wellsfargo.com
Goldman Sachs
Peter Basso, 212-834-3720 peter.basso@jpmchase.com Jay Hallik, 212-761-2252 jay.hallik@morganstanley.com Adam Siegel, 203-897-6160 adam.siegel@rbs.com Sergei Zagin, 704-383-8268 sergei.zagin@wellsfargo.com Doug Lucas, 704-715-8446 doug.lucas@wellsfargo.com
Andy Cherna, 212-834-4154 andy.cherna@jpmorgan.com Matthew Diczok, 212-761-0925 matthew.diczok@morganstanley.com Bob Pucel, 203-897-6160 robert.pucel@rbs.com Jennifer Doyle, 704-715-7008 jennifer.doyle@wellsfargo.com
Asset-Backed
ALERT
Banks in Europe
HEAD ABS TRADER Barclays BNP Paribas Stuart Calnan, 44-207-773-9056 stuart.calnan@barcap.com Olivier Morand-Duval, 44-207-595-8529 olivier.morandduval@uk.bnpparibas.com Rohit Hemdev, 44-207-986-9393 rohit.hemdev@citi.com Alok Verma, 44-207-888-1289 alok.verma@credit-suisse.com Nick Waring, 44-207-547-3157 nick.waring@db.com Alexander Harrison, 44-207-991-5767 alexander.harrison@hsbcgroup.com Borja Taboada, 44-207-779-2331 borja.taboada@jpmorgan.com Andrew Bristow, 44-207-158-3998 andrew.bristow@lloydsbanking.com Pradeep Pattem, 44-207-085-0326 pradeep.pattem@rbs.com Derrick Herndon, 44-207-567-2935 derrick.herndon@ubs.com HEAD ABS SYNDICATE Miray Muminoglu, 44-207-773-9098 miray.muminoglu@barcap.com Damian Saunders, 44-207-595-8219 damian.saunders@uk.bnpparibas.com Keval Shah, 44-207-986-9000 keval.shah@citi.com Alok Verma, 44-207-888-1289 alok.verma@credit-suisse.com Kevin Flaherty, 44-207-547-2735 kevin.flaherty@db.com James Cunniffe, 44-207-991-5335 james.cunniffe@hsbcgroup.com James Crispin, 44-207-779-2468 james.h.crispin@jpmorgan.com Bob Paterson, 44-207-158-2110 bob.paterson@lloydsbanking.com Damon Mahon, 44-207-085-7346 damon.mahon@rbs.com Arman Peter, 44-207-567-2477 arman.peter@ubs.com HEAD ABS BANKING Allen Appen, 44-207-773-2243 allen.appen@barclayscapital.com Fabrice Susini, 44-207-595-3510 fabrice.susini@uk.bnpparibas.com David Basra, 44-207-986-9236 david.basra@citi.com Jay Kim, 212-538-6601 jay.j.kim@credit-suisse.com Massimo Ruggieri, 44-207-545-4321 massimo.ruggieri@db.com Scott Dickens, 44-207-991-5791 scott.dickens@hsbcgroup.com Oldrich Masek, 44-207-325-9758 oldrich.masek@jpmorgan.com Robert Plehn, 44-207-158-3735 robert.plehn@lloydsbanking.com Lee Rochford, 44-207-085-6311 lee.rochford@rbs.com Francesco Dissera, 44-207-568-8468 francesco.dissera@ubs.com Jennifer Wallaert, 44-207-568-6692 jennifer.wallaert@ubs.com
Citigroup Credit Suisse Deutsche Bank HSBC J.P. Morgan Lloyds Banking RBS UBS
True
YOUR
IN THE STRUGGLE FOR SECURITIZATION PROFITS
Every week, AssetBacked Alert gives you a competative advantage. You get the first, clear view of upcoming developments in the worldwide markets for ABS, MBS, CDOs and assetbacked commercial paper. See for yourself. Sign up for a threeissue FREE trial subcription and discover how AssetBacked Alert:
ed ba ll arrang left BM r busines outfit expe lsh, fo wi perienc ened cker. The te Wa s Six ex a firm that by Pe pital, op ba ligation up rs, ledDegrees Ca disclosed to set debt ob ng up an staffe un alized tti tions. departing eration, Sixtal from an end. collaterm is also se es of CDOs The ased op year uer of fir piec p capi go-b of startu million bya routine iss ucts. The d equity rd Chica illion od deals. be $400 ne an SET-B wn Ca s own that 00 m additional Degrees to uctured pry mezzani 10 AS ing Do de $1 ck gree itu str bu an ing Alt Six De transactionsPage 8 las Tra raise s call for Six ent-grade that would ts. Cruis from 2 Cabe als en stm t fund Nears Plan come ely involve See BMO on er De en Street by inve instrum would lik Discov ch 3 State backed tive-investm d-finance vestments ldings will Off on re in e Crun Signs alterna her structu nds CDO finance ho bprim odys 3 Mo Feel Su to Plan and ot e of the fu structuredyers to fense tings Ra Som vehicles re Bu t of De rsonnel Over 3 Mo e rtmen Odds orary tary pe Depa And th cies at ly Temp g the t U.S. mili es On 4 Agen 07, urgin ols ec to Loss ar 20 o -A Po ls are d to prot ng Au siona wh ne y in Alt scal Ye 4 Spiki Repla profes law desig for Fi ay lenders ed t stry w e Woes the ne tion Ac payd n-indu ope of a ne rtgag thoriza t so-called guing with ort-term izatio 9 Mo sc se Au ge Security limit the rs. t ar at t, sh AR l Defen pts to tar ayers aren gh-interes wever, th de LEND all na 6 CA ho drastic edatory lenner Natio ber, attem arket pl write hi NGS rried, of main PRICI pr ITIAL from John War ss in Octo y bases. M ts, which They are wo g activities . 14 IN TOR ngre The ilitar iilies outfi hecks. suin MONI by Co near m -shady eir fam day-lim payc RKET bond-is enacted t up shop sometimes upcoming ding and nnel and th g the pay ties. 15 MA se often in those borrowers rtail the len ted perso plementin t those du ge high lis ar to reinsecured by rtently cu al with en sible for im ll carry ou t only ch on Page 9 wi F ve loans will inad ops who de se is responfor how it ritized, no See AS the law finance sh t of Defen a proposal seldom secu en stream Departm is drafting edits are The les, and whose cr llateral ru rs, s of co tation ay lende a serie Payd first in r runE th the own foe-relatr EVIN ard wi best kn ag broade GRAP g forw m st in mortg e arbined a d been in ., fir THE Th ha s assig is mov , Conn s that inve offering. , with a nk ha bert, who product ment e nwich ion on nage he Ba Al de Gree obligati derwrite th $500 mill s. Deutsc Richard D securitize ent isnt ton Ma to l Elling obligation t is that th zed debt ed un ed role to g its globa new assignm lk assum e n ali million ley to leverag stree ized loa d on the and collater rgan Stan total $400 cured rehouse headin DAlberts and Erik Fas ago. Byrn nior-se e Wor e funds a wa red Mo pected to group. Frank Byrn a few week Deutsche ted se the use of dg ex has hi ndica nd ning he rities nsaction is clear. er duties of a unit lk was over dly sy through e seco cu ge rm ed se riented tra in April. tly by broa mulating ring th , as part his fo en in char finance. Fa m. Both ve ing du 2 trage-opricing date cked mos now accu r offer g the initiati N on Page had be bal asset tuations tea ila is a sim erseein e ELLINGTO likely uld be baEllington . calls gloa special-si York. with Se It wo ts that anley the issue thwell is ov n and seeing sed in New gan St Bo , asse Brow mes an loans from Mor d follow uprector Eric e ba Ja ar llm ue Pu tween facility gton woul anaging di ttle be king boutiq the singers ba Ellin e year. M A legal ent-ban following after the th half of investm in limbo Pullman out a $25 is ke ed Group Brown su ans to ta of pl ge . death cked his Royal Bank on Back Pa firm blo loan from e GRAPEVINE Se ion mill
BM
cus in Fo Capital aintagroup at BMO transacn But M oduct Split, U. securitizatio tured-pr w tives ve quit theandS.invest in struc Feb. 5. Their ne th wi cu week to O on O Exe nkers ha e, issue s last cts
FEBR
UARY
16, 20
07
D MA ACKE
RKET
MAKE
RS
Funding
ASF J
oins
ters Coun
on trike
Lend
tr subscriial ption!
ing R ules ith CL O Pro gram
FREE
y to R
oll W
ASSET-BACKED ALERT. There are no strings attached -I wont receive an invoice unless I choose to subscribe.
Flags oncoming risks and opportunities in structured finance. Tips you off to personnel shifts and market maneuvers youre not supposed to know about. Identifies the fields latest winners and losers in the U.S., Europe, Asia, Canada and Latin America.
NAME:
Fax this coupon to: 201-659-4141 To order by phone, call 201-659-1700 Or mail to: Asset-Backed Alert 5 Marine View Plaza, #400, Hoboken NJ 07030 You can also start your free trial at
ABAlert.com
Asset-Backed
ALERT
CALENDAR
Main Events
Dates Oct. 16-18 Jan. 22-25,2012 Event ABS East ASF 2012 Location Miami Las Vegas Sponsor IMN ASF Information www.imn.org www.americansecuritization.com
Events in US
Dates Sept. 12-13 Sept. 14-15 Sept. 14-15 Sept. 15 Sept. 19-20 Sept. 20 Sept. 21 Sept. 22 Sept. 22 Sept. 22-23 Sept. 27 Oct. 3 Oct. 3-5 Oct. 5 Oct. 6 Oct. 16-18 Oct. 17 Oct. 18-19 Oct. 20-21 Oct. 23-26 Oct. 24-25 Oct. 25 Nov. 7 Nov. 7 Nov. 16 Nov. 30-Dec. 1 Event Securitization Fundamentals Risk Management for Non-Quants Commercial Paper Executive Summit Basel III Conference Regulatory Symposium Fixed Income 101: Products & Markets Sunset Seminar LPC Loan Conference MBS: Introduction to Securitization & Processing Life Settlements Conference 2011 Municipal Bond Summit Compliance Conference Life Settlement Conference Sunset Seminar Covered Bonds Risk Management Conference Fundamentals of Swaps & Other Derivatives 2011 Advanced Swaps & Other Derivatives 2011 Aviation Finance Summit American Bankers Association Annual Convention Applied Securitization Fixed Income Masterclass SIFMA Annual Meeting Introduction to Credit Default Swaps Sunset Seminar Covered Bonds: Credit & Market Risk Workshop Location New York New York New York New York Washington New York New York New York New York Las Vegas New York Atlanta Atlanta Charlotte New York Washington New York New York New York San Antonio New York New York New York New York New York New York Sponsor ASF FMW iiBIG ISDA American Banker FMW ASF Thomson Reuters FMW Deal Flow Media SIFMA LISA LISA ASF IMN RMA PLI PLI Winston Baker ABA ASF FMW SIFMA FMW ASF Fitch Information www.americansecuritization.com www.fmwonline.come www.iibig.com www2.isda.org www.americanbanker.com www.fmwonline.com www.americansecuritization.com www.loanpricing.com www.fmwonline.com www.dealflowmedia.com www.sifma.org www.thevoiceoftheindustry.com www.thevoiceoftheindustry.com www.americansecuritization.com www.imn.org www.rmahq.org www.pli.edu www.pli.edu www.winstonbaker.com www.aba.com www.americansecuritization.com www.fmwonline.com www.sifma.org www.fmwonline.com www.americansecuritization.com www.fitchtraining.com
Events Outside US
Dates Event Location Sept. 22 Basel 3 Conference London Sept. 22-23 Debt Capital Markets in Mexico Mexico City Sept. 27-28 Basel 2 & 3 London Oct. 19-20 Insurance Linked Securities Summit Asia Hong Kong Nov. 1-2 Covered Bonds: Credit & Market Risk Workshop Frankfurt Nov. 7-8 Covered Bonds: Credit & Market Risk Workshop London Nov. 10-11 South African Capital Markets Conference Cape Town Nov. 21-22 Australian Securitisation Conference 2011 Sydney Aug. 22-23 Covered Bonds World Australia 2011 Sydney Nov. 28-29 CoCo Bond Congress Europe 2011 London Dec. 5-7 Securitisation World 2011 London Dec. 5-9 RiskMinds 2011 Geneva March 22-23, 2012 Global Covered Bonds Conference London To view the complete conference calendar, visit The Marketplace section of ABAlert.com Sponsor ISDA IMN Fitch IQPC Fitch Fitch IMN ASF Terrapinn Terrapinn Terrapinn ICBI IMN Information www2.isda.org www.imn.org www.fitchtraining.com www.ilsasiasummit.com www.fitchtraining.com www.fitchtraining.com www.imn.org www.securitisation.com.au www.terrapinn.com www.terrapinn.com www.terrapinn.com www.informaglobalevents.com www.imn.org
Asset-Backed
ALERT
10
INITIAL PRICINGS
Harley-Davidson Motorcycle Trust, 2011-1
Priced: Amount: Collateral: Seller: Bookrunners: Class A-1 A-2A A-2B A-3 A-4 B M/S A-1 AAA AAA AAA AAA AA Aug. 4 $573.4 million Motorcycle loans Harley-Davidson Citigroup, J.P. Morgan, RBS Amount 140.000 100.000 75.000 160.000 71.140 27.240 Yield 0.289 0.618 0.965 1.317 2.132 WAL 0.32 1.10 1.10 2.20 3.23 3.59 Spread -2 +20 +20 +40 +50 +120 Benchmark Int. Libor EDSF 1 mo. Libor Int. Swaps Int. Swaps Int. Swaps
Dont miss the loan market event of the year! Boom to Bust and Back: The Global Loan Market Moves Forward
Join hundreds of market participants for a day of insight and networking as they meet to discuss the current and future state of the global syndicated loan market. www.loanpricing.com/conference.html
Asset-Backed
ALERT
1 11
MARKET MONITOR
300
CE ($Bil.) 2010
US ABS BREAKDOWN
Year-to-date 2010
Auto Loans Credit (Prime) Cards 22% 8% Auto Loans (subprime) 9% Other 46% Student Loans 15%
0.0 1.9 6.1 15.6 25.8 29.1 30.9 34.3 39.7 48.6 53.7 62.6 64.5 67.1 69.6 75.7 80.5 93.6 96.2 101.3 105.7 110.2 119.2 120.6 126.5 128.5 136.8 148.2 153.9 157.2 160.7 162.3 164.9 175.1 186.4 190.4 192.8 201.5 218.8 226.7 236.6 238.2 253.6 254.7 261.7 265.6 274.2 274.8 277.3 282.4
0.0 4.4 8.3 200 14.2 19.2 29.3 150 30.1 39.7 46.0 100 49.4 56.6 59.550 64.9 67.4 80.1 0 95.1 105.0 110.8 117.8 40 122.2 134.3 35 141.8 30 147.1 25 153.1 161.1 20 166.8 15 171.0 10 173.4 178.05 188.9 190.80 194.1 194.8
12 11 10 9 8 7 6 5 4 3 2 1 0
2011 250
2011
US ABS ISSUANCE
18
12 10 8 6 4 2 0
M A M
Other
41.4
10 8 6 4 2 0
F M A M
800 700
60
50
40
Credit card - Fixed rate (vs. Swap) Credit card - Floating rate (vs. 1 mo Libor) Auto loan - Tranched (vs. Swap) Home equity - Fixed-rate/ wrapped (vs. Swap)
30
20
10
0 F M A M J J A
Data points for all charts on this page can be found in The Marketplace section of ABAlert.com
Asset-Backed
ALERT
12
THE GRAPEVINE
... From Page 1
deals will be within Quinns scope. He previously worked at Ernst & Young.
Markit Group has added another staffer
co-heads John Bella and Mike Dean. Candidates can email their resumes to regina.simone@fitchratings.com.
Ambac has enlisted a vice president
firm reported to investors that its securitization-focused Candlewood Structured Credit Fund produced a 2% profit last month after fees, leaving the vehicle up nearly 20% for the year. The entity is run by former Credit Suisse securitization executive Greg Richter in New York. Mortgage-bond trader Miguel Vazquez has left broker-dealer Braver Stern to join Stamford, Conn., rival CRT Capital, where he started last month. Vazquez spent about 10 months at New Yorkbased Braver Stern. Before that, he worked in a Credit Suisse group that evaluates mortgage bonds. He also has spent time at Washington Mutual and
Countrywide. Credit Suisse has hired a staffer to help
to a New York group that assigns values to structured products. Erik Brown joined the firm this week as a vice president with a focus on mortgage bonds. He previously determined values for home-loan paper at Fannie Mae. Brown is the latest in a string of recruits to join the Markit team, which now has a headcount of 10. He reports to director Kyle Beauchamp, who oversees mortgagebond pricing under group head Neil
McPherson. Fitch is on the hunt for three securitiza-
for a group that aims to minimize losses as the bankrupt bond insurer unwinds $27 billion of policies written against structured credit products. Brian Kirimdar, a specialist in ridding bankrupt companies of troubled assets, arrived a month ago. He previously worked at IDC, following stints at Deloitte and Credit Suisse. The SEC is seeking a staffer to assist with the investigation and prosecution of fraud cases involving structured products. The recruit would hold the title of securities compliance examiner within the regulators division of enforcement, and would be stationed in New York or Washington. Annual compensation could total as much as $208,000 for a hire in New York. The post is available only to U.S. citizens. For information on applying, email brownst@sec.gov regarding job number 11-513200-SB. Resumes must be received by Aug. 25.
find assets for the bank to buy and securitize. The recruit, Kevin Quinn, will arrive in the institutions New York office Aug. 15. He will report to securitization chief Jay Kim. Its unclear what types of
tion professionals in New York or Chicago. One of the recruits would assume the title of director, and would serve as a member of the agencys credit committee. He or she would play a leading role in rating a range of consumer- and commercial-asset securitizations. The other two hires would hold lower-level positions, separately specializing in auto-loan deals and asset-backed commercial paper. Each of the new staffers would report to asset-backed bond
TO SUBSCRIBE
YES! Sign me up for a one-year subscription to Asset-Backed Alert at a cost of $2,897. I understand I can cancel at any time and receive a full refund for the unused portion of my 46-issue subscription. DELIVERY (check one): q E-mail. q Mail. PAYMENT (check one): q Check enclosed, payable to Asset-Backed Alert. q Bill me. q American Express. q Mastercard. q Visa. Account #: Exp. date: Name: Company: Address: City/ST/Zip: Phone: E-mail: MAIL TO: Asset-Backed Alert 5 Marine View Plaza #400 Hoboken NJ 07030-5795 www.ABAlert.com FAX: 201-659-4141 CALL: 201-659-1700 Signature:
ASSET-BACKED ALERT
Telephone: 201-659-1700
Joseph Nadilo Matt Birkbeck Bill Egbert Andrew Albert Daniel Cowles Thomas J. Ferris T.J. Foderaro Ben Lebowitz Dan Murphy Michelle Lebowitz Evan Grauer Kevin Pugliese Mary E. Romano Joy Renee Selnick Barbara Eannace JoAnn Tassie
www.ABAlert.com
E-mail: info@hspnews.com
201-234-3984 jnadilo@hspnews.com 201-234-3991 mbirkbeck@hspnews.com 201-234-3992 wegbert@hspnews.com 201-234-3960 andy@hspnews.com 201-234-3963 dcowles@hspnews.com 201-234-3972 tferris@hspnews.com 201-234-3979 tjfoderaro@hspnews.com 201-234-3961 blebowitz@hspnews.com 201-234-3975 dmurphy@hspnews.com 201-234-3977 mlebowitz@hspnews.com 201-234-3987 egrauer@hspnews.com 201-234-3983 kpugliese@hspnews.com 201-234-3968 mromano@hspnews.com 201-234-3962 jselnick@hspnews.com 201-234-3981 barbara@hspnews.com 201-659-1700 jtassie@hspnews.com
Fax: 201-659-4141
Managing Editor Senior Writer Senior Writer Publisher General Manager Editor Deputy Editor Deputy Editor Deputy Editor Operations Director Database Director Database Manager Advertising Layout Editor Marketing Director Customer Service
Asset-Backed Alert (ISSN: 1520-3700), Copyright 2011, is published weekly by Harrison Scott Publications Inc., 5 Marine View Plaza, Suite 400, Hoboken, NJ 07030-5795. It is a violation of federal law to photocopy or distibute any part of this publication (either inside or outside your company) without first obtaining permission from Asset-Backed Alert. We routinely monitor forwarding of the publication by employing email-tracking technology such as ReadNotify.com. Subscription rate: $2,897 per year. Information on advertising and group subscriptions is available upon request.