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  • Goldman Sachs has strengthened its high yield research team with the appointment of ING Barings analyst Colin Marshall.
  • Northern Rock, the mortgage bank that has been one of the UK's most avid securitisers in the last two years, has opted to set up a master trust structure like those used by Bank of Scotland and Abbey National. Schroder Salomon Smith Barney has structured the vehicle and began marketing the first issue this week - a £1.5bn transaction to be sold in the global dollar and sterling markets next week.
  • Schroder Salomon Smith Barney is about to begin marketing an innovative securitisation of equity release mortgages for UK life and pensions company Norwich Union. The £222.5m deal will be the first securitisation in Europe of the asset class, but is unlikely to be the last - equity release mortgages are a fast growing product in the UK.
  • RFC Mortgage Services Ltd, the UK subsidiary of GMAC's Residential Funding Corp, will today (Friday) launch a £225m securitisation of its non-conforming mortgages. Lead managed by Bear Stearns, the deal will again be wrapped by triple-A rated monoline insurer Ambac.
  • RBC Dominion Securities has sold a £40m tap of the secured bond issued by UK housing association The Guinness Trust in 1997. Housing associations are not-for-profit private companies that provide social housing in the UK, and several of them have issued secured bonds to finance their property building and refurbishment programmes.
  • Coastal Securities, a company based in Houston, Texas which specialises in securitisation, revealed more details this week of the repackaging of US Small Business Administration (SBA) loans it plans to sell in Europe. SBA loans are one of the better established of the smaller asset classes in the US ABS market, but they are little known among European investors.
  • The pace of change in the UK water sector accelerated this week as Westdeutsche Landesbank made an offer to acquire Mid Kent Holdings plc, owner of a small UK water firm. The bid by WestLB's asset securitisation and principal finance group (ASPF) is the latest move in a spate of corporate finance activity aimed at coping with the disappointing stockmarket and bond spread performance of the privatised UK water utilities.
  • The Washington Group's bank debt plummeted from par range to the low 60s after the company announced liquidity problems last Friday. A $25 million piece traded of Finova Group's bank debt traded at 81 1/2 to 82 range this week, as the company just filed for Chapter 11 bankruptcy protection. The filing is part of a $6 billion bailout plan from Leucadia National Corp. and Berkshire Hathaway. A piece of United States Office Products' debt at traded 58. Owens Illinois is trading in the high 92, low 93 range.
  • Christine Cromarty, director, agency asset swap marketing at BMO Nesbitt Burns in New York, and Amy Cohen, senior marketer for corporate and emerging market names at creditex in New York, have taken new positions at Banca Commerciale Italiana. Both are directors, with Cromarty marketing and structuring credit derivatives and Cohen trading and marketing. The positions were added in line with a global increase in the BCI structured credit platform, said Paolo Josca, head of credit derivatives in New York.
  • Matt Milsom, managing director and head of trading for Europe and Asia, has become the latest high-profile derivatives professional to leave J.P. Morgan Chase. Milsom, who came from Chase Manhattan, was offered Asian-based positions following that firm's merger with J.P. Morgan. He resigned at the beginning of the month because he did not want to move to Asia and because positions on offer in Europe were not sufficiently senior, according to an official familiar with the matter. Milsom declined comment.
  • CDC Ixis Capital Markets is restructuring its credit group to include exotic credit derivatives, such as first-to-default baskets of credit derivatives, and has spun off flow business into a separate group. Francois Mainard, deputy head of global fixed income in Paris, said the restructuring is designed to capture a bigger piece of the burgeoning European credit derivatives market. CDC opted to split the roles because it wants specialists for each department, he added.