Free content

Patrick Van Der Borght, director and head of European structuring for cash collateralized debt obligations at Credit Suisse in London, is preparing to retire from the firm and the industry. Van Der Borght could not immediately be reached but Rebecca O'Neill, spokeswoman in London, said he has given notice although no leaving date has yet been set.

David Moffitt, managing director in credit derivative sales at RBS Greenwich Capital in Greenwich, Conn., has left the firm. Hired from Credit Suisse nearly two years ago, Moffitt was the firm's first credit derivatives salesman (DW, 6/6/04). His departure follows recent resignations by senior credit derivatives officials in London, including Sanjeev Gupta, co-head of global credit trading and head of correlation trading, and Hector Garcia, head of exotic credit trading (DW, 1/20).

A managing director in Deutsche Bank's global products group has taken leave and is reportedly set to quit the firm.

Lee Smith, v.p. and director of trading at Cozad Asset Management, a Champaign, Ill.-based firm with about $425 million in assets under management, is transitioning his investments back into the five-to-seven year range after operating as an ultra-short fund the past several years.

Delphi Corp.'s pre-petition bank debt fell on word that banks are in talks with the company to refinance the debt.

Lear Corp.'s five-year credit default swaps tightened 50-60 basis points to 800 on the market's expectation the company will seek amendments to leverage covenants contained in its revolving credit facility.

--Pablo Mazzini, a director at Fitch Ratings, about the emergence of second liens and their effect on mezzanine debt in the European marketplace.

Chad Hersch, a loan trader at Royal Bank of Scotland, disputes the claim that Credit Suisse traders Bob Franz and Barry Zamore are the reigning ping pong champs in the loan market.

Four members of Trust Company of the West left the firm to form Silvermine Capital Management. Richard Kurth and Steve Kalin co-manage the firm, and are joined by Jonathan Marks and Aaron Meyer.

This chart, provided by Citigroup Global Markets, tracks bid-ask prices for par credit facilities that trade in the secondary market.

Stanfield Capital Partners has cut its marketing team and will instead rely on its client services group to raise funds.

European second-lien issuance increased 200% in 2005, propelled by sponsors looking for a cheaper alternative to mezzanine financing.