Katten Muchin Rosenman hired five structured finance lawyers from Dewey & LeBoeuf, including five structured finance partners in New York and a financial products tax partner in Washington, D.C. The attorneys are Chris DiAngelo, Anna-Liza B. Harris, Howard M. Schickler, Joseph P. Topolski and John P. Keiserman. The group focuses on public and private consumer and […]
Petroleos de Brasil has a hold on high finance players that at times seems to border on the hypnotic. ABS players have also been loath to look away as the company waves its epic $224-billion investment plan in their faces. The notion that ABS might be an ingredient in Petrobras’ deepwater oil expansion was validated […]
The so-called foreclosure scandal has grabbed headlines over the past month. ASR’s November issue looks beyond the mainstream coverage to its effect on bondholders. In the cover story, Nora Colomer says the delay in foreclosures should have a minimal impact on the senior bonds in RMBS, although slower prepayments might chip away at their longer-term […]
Profiting from a relationship with behemoth Petroleos de Brasil, Brazil’s Odebrecht Oleo e Gas is tapping the structured finance for a whopping $1.5 billion. Santander and HSBC are reportedly arranging the deal. Neither bank returned requests for comment. The notes are backed by two intercompany loans made to Odebrecht Drilling Norbe VIII and Odebrecht Drilling […]
SNR Denton has hired Ricardo Martinez as a partner in its capital markets group. Martinez, who joins SNR Denton from Allen & Overy, will reside in the New York office. Martinez represents commercial banks, multi-lateral institutions, export credit agencies as well as other development financial institutions in complex domestic and cross-border project and leveraged finance deals. He also […]
The Board of Governors of the Federal Reserve System issued a report yesterday on the potential effect of credit risk retention requirements on securitization. The report was part of the requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The act also requires that the Federal Reserve and other agencies jointly implement risk […]
The Brazilian Finance Ministry’s recent hike of the IOF tax on foreign investment into fixed income investments to 6% from 4% is bound to have some kind of impact on the appetite of overseas money for local securitization products. The increase comes after a 2 percentage point hike earlier this month. While foreign investors do not make […]
Fitch Ratings announced that Marjan van der Weijden will lead the agency’s EMEA structured finance group. She will report to Ian Linnell, global head of structured finance for Fitch. The rating agency has also promoted Euan Gatfield to head of CMBS for EMEA, reporting to van der Weijden. Gatfield replaces Philip Walsh who has been […]
Numerix hired John Peck as head of sales for the EMEA region. Peck, who will be based in Numerix’s London office, was previously at Quantifi where he was responsible for establishing and running its EMEA operations. The new hire has more than 25 years experience working in the global financial industry such as senior positions […]
Bingham expanded its Hong Kong office by adding three partners namely, Laurence Isaacson, Vincent Sum and Mark Fucci. Isaacson, a partner in Bingham’s structured transactions group, has relocated to Hong Kong from New York. He has represented clients in various complex asset-based deals such as CDO, loan, swap and fund offerings; structured products backed by different financial assets; credit linked notes; […]
With the government nearly monopolizing mortgage origination, players are asking themselves: How do private companies create “affordability” products for non-prime borrowers and do so by funding themselves through a viable ABS market? Indeed, developing a private-label MBS market is the key to a broader access to homeownership as well as to a more active securitization […]
The urge to unwrap is pretty strong these days. On both the originating and investing sides of the bench, players are itching to ditch the monoline guarantees that no longer add value. The Turkish banks that wrapped structured deals en masse from 2004 through 2007 are no different. At least three have taken action on […]
BTIG, a broker-dealer partly owned by Goldman Sachs, is pushing into new markets by helping fixed-income investors buy and sell securities in developing countries, which some observers say have matured and now more closely resemble their trading partners in the Group of 7. Last week, BTIG expanded its fixed-income business in London by hiring a […]
Turkey’s Vakifbank has completed an exchange offer to strip the wraps off tranches in its program backed by diversified payment rights (DPRs). Overall, the bank exchanged nearly 72% of the volume of the tranches on offer, with a Radian-covered tranche the only one to be retired in full. Some $549 million was offered and $394 […]
Thanks to a pick-up in cash flows, an $100 million 2006-A tranche backed by diversified payment rights (DPRs) from Kazakhstan’s Alliance Bank fully paid down this week, said a source at the Asian Development Bank (ADB), which wrapped the piece. While Alliance has put its unsecured bonds and loans through a work out, its DPR […]
Macquarie Group said it acquired 100% of the membership interests in Presidio Partners, a real estate private capital raising and advisory company based in the U.S. Macquarie’s purchase of the private capital team comes after the July hiring of a six-member CMBS team in the U.S. The new team, which is led by Randy Reiff, added mortgage origination, trading […]
Structured finance attorney Laurence Pettit has moved as a partner to Kramer Levin Naftalis & Frankel from Baker & McKenzie. In the ABS realm, Pettit has worked on private student loans, life settlements, structured settlements, diversified payment rights, consumer loans and trade receivables. His CV extends beyond the U.S., with deals backed by assets from […]
Structured finance attorney Laurence Pettit has moved as a partner to Kramer Levin Naftalis & Frankel from Baker & McKenzie. In the ABS realm, Pettit has worked on private student loans, life settlements, structured settlements, diversified payment rights, consumer loans and trade receivables. His c.v. extends beyond the U.S., including deals backed by assets from Russia, Turkey, […]
In May, a water project vital to the Peruvian capital of Lima issued a securitization in the domestic market. The Huascacocha deal signaled that the industry was branching out from the handful of infrastructure transactions that had until then monopolized the market. Those were all dollar-denominated, cross-border ABS backed by payment obligation certificates (CRPAOs) issued […]
In late August, an entity of the State of Mexico known as IFREM originated a roughly Ps4 billion ($306 million), 20-year deal backed by flows from property registration fees. Structured by MBIA unit LatAm Capital Advisors (LCA), the transaction was novel on a number of fronts. For starters, there was the choice of guarantors on […]
Couldn’t load more articles. Try again.
