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Deal raises questions about whether transaction was done at arm's length
Joanna Chan is taking on the role of head of strategic capital
Key points of contention include the investor sanctions regime and the definition of 'resilience'
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Law firm Berwin Leighton Paisner has appointed Nick Butler to its securitization and structured products practice as a partner focusing on commercial mortgage-backed securitization.
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nabCapital has hired Chris Leslie and Sandie Staimese to bulk up its London-based securitization group.
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UBS has yoked securitized products and asset- and mortgage-backed securities into one group called real estate and securitization.
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Barclays Capital hired Jeff Porphy as a managing director in U.S. leveraged finance.
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JPMorgan Securities has reportedly cut its asset-backed securities collateralized debt obligation business and has let go its ABS CDO team led by Michael Llodra.
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Germany’s KfW Bankengruppe said it will “look closely at the option of selling” its 37.8% share of IKB Deutsche Industriebank as part of an examination of strategic options for the stake. KfW has hired Merrill Lynch and law firm Clifford Chance to provide advice on structuring, evaluating and implementing its strategic options. Düsseldorf-based IKB suffered significant losses this year following investments in the U.S. subprime mortgage market. The bank has since refocused its core business away from international securities.
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UBS has combined its securitized products and asset- and mortgage-backed securities groups into one team under the heading real estate and securitization, to be lead by Ramesh Singh, formerly head of securitized products.
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Vneshtorgbank has created two new senior securitization roles as part of its plans to expand into the Russia and CIS region in particular.
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Deutsche Bank has temporarily ceased its Alt-A and subprime mortgage operations, according to industry sources.