Latest news
Latest news
Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
More articles
More articles
-
Austin, Texas-based Tejas Securities is bulking up its sales staff as it plans to become more active in distressed debt and high-yield investing, including collateralized debt and asset-backed securities.
-
Ratings agency DBRS has been forced to shut down its European offices and reduce personnel in New York and Toronto due to the effects of the global credit crunch.
-
Merrill Lynch has shuttered its commercial real estate collateralized debt obligation unit as it continues to scale back its CDO unit, said a close source close to the situation.
-
Stamford, Conn.-based boutique broker-dealer J Giordano Securities is building out its distressed asset-backed securities group and plans to hire two to three salesmen for the desk.
-
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.
-
Robert McGinnis, head of asset-backed finance and trading at RBS Greenwich Capital, has left the firm.
-
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.
-
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.
-
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.