You Look Familiar
Securitization enthusiasts didn’t seem too worried about sharing Sin City with those in town for the 29th annual AVN Awards, the so-called Oscars for adult entertainment, which were held at The Hard Rock Hotel & Casino on Saturday. One ASF attendee said he was keeping a lookout for attendees cross-attending the two events. “I kind of feel like it’s a separate crowd, but you never really know.”
Some Vacation
In his lively closing remarks to the Future of U.S. Mortgage Finance panel Monday morning, Alan Boyce, chief executive officer at Absalon summed up his opinion of the sector with a slide depicting a new T-shirt slogan idea: “I spent billions on HAMP, HARP and HAFA and all I got was this stupid shirt.”
What’s In A Name?
Gina Hubbel, managing director at Guggenheim Partners, shed light on the mysterious naming process for her firm’s collateralized loan obligation transaction. Guggenheim’s most recent CLO, 5180 CLO LP, was a $1.04 billion transaction that closed Nov. 17. “We had a sort of contest to name it because we ran out of mines to name the deals after,” Hubbel said. Turns out, $51.80 was the return on a $2 bet on Harry Guggenheim’s horse, Dark Star, back in the day. “And I had assumed it was named after some building somewhere,” said moderator Sara Bonesteel, managing director, head of alternative investments, at Prudential Fixed Income.
Regulatory Overload…
Sometimes lawyers seem like regulatory reform nerds, who love nothing more than spending hours poring over the latest Dodd-Frank rule proposals. Other times, they let you know they’re just as fed up as you are. “Today I’ve literally had three people come up to me and say, what are you going to do about your 193?!” exclaimed Ellen Marks, partner at Latham & Watkins, speaking on a panel about credit card ABS. “For audience members who don’t speak in code…” she said sarcastically, before launching into an explanation of the Securities and Exchange Commission’s new Rule 193.
…And Regulatory Roadblock
Speaking of the SEC’s new rule, credit card asset-backed securities banker Steven Moffitt from Goldman Sachs said he wasn’t having too much luck getting the regulator to come around on credit card ABS. The rule puts additional requirements on loan-level disclosure, but Moffitt and others don’t think it makes sense for credit card deals’ revolving master trusts, and other deal features like stranded cost transactions. “We had a long discussion with the SEC and we explained how stranded costs deals worked,” Moffitt said. “They listened to everything we had to say and then they said, okay, so: look at the rule, and go through it, and just do what it says.”
It’s Five O’clock Somewhere
There’s nothing unusual about open bar receptions at industry conferences, but what time is appropriate for them to start? The Seaport Group hosted a Happy Hour event at its booth in the Exhibit Hall for conference-goers Monday. The kick off time? 2 PM. Too early? You kidding? The Seaport Group booth was mobbed by people looking to get the party started with fish tacos and champagne.