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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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Lear Corporation, based in Southfield, Mich., makes interiors for automobiles. It has three high-yield issues outstanding totaling $1.65 billion, making it the largest automotive parts issuer in mainstream high-yield. With a rating of (Ba1/BB+), a number of high-yield analysts say the company has a good shot at becoming investment-grade.
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Morgan Joseph & Co. has hired Joe Galzerano to the new position of senior v.p. and high-yield analyst. Howard Goldberg, head of research and one of three principals at the firm, says Morgan Joseph continues to build its nascent high-yield effort, and hopes to make another research hire and also add to its sales desk. The bulk of the 14 person high-yield team came over from Libra Securities last month.
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UBS Warburg is planning to hire at least one, and possibly several, auto asset-backed securities originators for its New York ABS effort, says Shahid Quraishi, managing director and head of ABS origination. He says he is evaluating whether it makes sense to hire one individual or a team, depending on expected business and profitability for this highly liquid, plain vanilla sector of the ABS market. He adds that he will make that decision early next month. He will then proceed with the hires by the end of next month. The positions would be newly created. All new staffers would report to Quraishi.
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A wave of acquisitions in the U.K. water utility sector is expected to lead to at least two whole business securitizations. "It's certainly more excitement than the water sector has ever seen," notes one London-based utilities analyst. It is difficult to say when these deals will come to market, note analysts, because they are so complex and are structured at a tortoise's pace.
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RBS Greenwich Capital has hired Philip Kearns from Morgan Stanley to head up the new position of volatility trading at the firm, according to Doug Greenig, the firm's co-head of derivatives and agency mortgage-backed securities. Kearns did not return a phone call seeking comment. At RBS GCM, Kearns will be a managing director, the same title he held at Morgan Stanley. At RBS GCM, Kearns will report to Greenig and derivatives group co-head Ed Orenstein.
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A high-yield buy-side and a sell-side analyst see continued pressure on the bonds of Collins & Aikman in the wake of recent selling pressure. During the two-week period ending last Wednesday, the auto parts manufacturer saw its 10.75% senior notes of '11 (B1/B) drop from par to a bid of 94.
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Banc of America Securities has hired Dave Fergione, the former head of high-grade, fixed-income at BNP Paribas in New York to the new position of managing director, corporate bond trading, based in the firm's Charlotte, N.C., headquarters. Fergione's move marks his second stint with Banc of America. He left BNP at the end of last year (BW, 12/23) in what he characterized as a mutual decision during an interview last Monday.
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One buy-side and one sell-side analyst predict homebuilder M.D.C. Holdings will receive an investment-grade rating from Standard & Poor's, a development that will open the door for the company's bonds to appreciate.
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Portuguese residential mortgage-backed securitizations have been pricing and trading at tight levels thanks to investors seeking to diversify their portfolios, according to London-based MBS investors and analysts. The Portuguese RMBS market's recent deals have been priced just outside those from the well-established Dutch market. "The demand for diverisification has exceeded the demand for benchmark names," says one securitization analyst.