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Latest news
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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Issuance from the Israeli securitization market is set to grow this year, a contributing factor to Moody’s Investors Service taking a 51% stake in Israeli rating agency Midroog Limited.
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Robert McGinnis, head of asset-backed finance and trading at RBS Greenwich Capital, has left the firm.
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Cleveland-based law firm Thompson Hine this month hired Mildred Quinones-Holmes from The Bank of New York Mellon for the newly created position of providing external risk management services for trustees of collateralized debt obligations and other structured products.
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Merrill Lynch is in advanced talks to receive as much as $5 billion from Temasek Holdings, a state-owned Singapore investment company, reports The Wall Street Journal. Temasek’s board has given preliminary approval to the move, which would inject cash into a firm that has been battered by a devaluation of its securities. Merrill wrote down the value of its asset-backed securities and collateralized debt obligations by $7.9 billion in late October and rumors have been swirling that the company may be slammed by billions more in write downs.
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Moody’s Investors Service cuts its rating on GMAC because of expectations the company will have to use capital to support its Residential Capital home-lending unit, reports Reuters. Mark Wasden, Moody’s analyst, said in a statement that GMAC has no room to support ResCap without compromising its rating profile. The one-notch cut brought GMAC’s rating three steps below investment grade, to “Ba3” from “Ba2.” Moody’s did not cut its rating on the ResCap unit but the rating agency is maintaining a negative outlook on both the unit and on GMAC.
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Citigroup named Mickey Bhatia, previously global head of correlation trading, as head of the portfolio and exotic credit derivatives group, and reorganized its structured credit group.
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Ibis Management's maiden hedge fund, a U.S. long/short equity strategy, has returned 8.6% year-to-date through Nov. 30, primarily due to its short subprime bets.
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Steve Sterling, formerly the head of high-yield capital markets and loan sales at Bear Stearns, is set to join The Carlyle Group as a managing director and head of research for the U.S. leveraged finance group Jan. 15.
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Tonu Pekk, financial institutions and principal banker at the European Bank for Reconstruction and Development, will leave the firm after three years tomorrow.