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Securitization People and Markets

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  • HSBC has decided to focus more on the asset-backed securities market and is building out its team in London. Scott Dickens, who was hired this summer from Bear Stearns to spearhead the European ABS and structured bond initiative (BW 5/17), has recently made four new hires and more are in the pipeline.
  • Joseph Gaziano, pass-through trader at Morgan Stanley in New York, has joined Citigroup as a director in a similar role.
  • J.P. Morgan and Wachovia Securities pulled the repricing of Empi's "B" loan after The Carlyle Group sold the company to Encore Medical Corp. for about $360 million.
  • Merrill Lynch has opened an institutional fixed-income sales office in Nashville, Tenn., as part of an increased focus on middle-market clients.
  • Bank of New York last week syndicated Millennium Radio Group's new $135 million credit facility to existing lenders and is holding a bank meeting this week to offer the credit to others.
  • Bank of America and Citibank last week launched syndication of a $1.05 billion credit backing The Blackstone Group's $1.75 billion buyout of Vanguard Health Systems.
  • Borrowers have been slashing hundreds of millions of dollars in interest costs as banks aggressively pursue their own clients and each other's.
  • Apollo Investment Corp. has invested $187 million in first and second-lien senior secured bank debt in the last 12 weeks and plans on investing another $630 million in bank debt and mezzanine by March.