Docstoc

CIFG_Investor_Presentation_102802

Document Sample
CIFG_Investor_Presentation_102802 Powered By Docstoc
					The New Generation in
Financial Guaranty




July 5, 2011
                        a CDC IXIS company
Contents

           • Overview
           • Strategic Objectives
           • Business Focus
           • Professional Team
           • Corporate Structure and Capitalization
           • Rating Agency Perspectives
           • Underwriting and Risk Management
           • Contact information
           • Appendices
               – Professional Staff Biographies
               – Website

                                                      Page 2
Overview

           • The CIFG Group consists of two direct financial guaranty
             insurance companies, one in France and one in the U.S.,
             and a dedicated financial guaranty reinsurance company
             domiciled in France that supports both direct companies
           • These three companies are owned by the group’s holding
             company which is, in turn, owned by our parent, CDC IXIS
           • All three companies, collectively capitalized with $500
             million, are rated Triple-A by Moody’s, Standard & Poor's
             and Fitch Ratings
           • The business is managed with a unified approach to risk
             management, finance and accounting, and systems and
             operations

                                                                       Page 3
Strategic Objectives

         • To provide value to investors seeking liquidity and security
         • To provide our global clients with consistent, long-term
           trading value and unparalleled execution through a superior
           understanding of risk and business needs
         • To create a profitable, substantial Triple-A rated financial
           guaranty organization with global reach
         • To provide a new source of financial guaranty, allowing
           investors to prudently diversify their exposure to the
           industry
         • To take advantage of the growing European opportunity for
           financial guaranty by leveraging the market presence of our
           parent, CDC IXIS
                                                                      Page 4
Business Focus


        • Three business units:
           – US Public Finance
           – US Structured Finance
           – Europe

        • Business mix reflective of current market activity

        • Over 60% of business written is expected to be
          structured finance (US and European)


                                                               Page 5
Business Focus – Public Finance


        • Public Finance activity will be targeted to lower risk,
          capacity constrained, and other opportunistic
          situations
        • Initial activity will be focused in the secondary
          market to take advantage of pricing and competitive
          dynamics
        • Pre-approved list of credits will form the basis of our
          initial efforts
        • Over time focus will shift to new issue (competitive
          and negotiated) markets
                                                                 Page 6
Business Focus – Europe

        •   A major focus of The CIFG Group plan
        •   CDC IXIS, given its position in Europe, provides a strong platform
            for CIFG business
        •   Emphasis will be on structured finance, particularly:
            –   Collateralized Debt Obligations
                 •    Cash
                 •    Synthetic
            –   Consumer Assets
                 •    Trade receivables
                 •    RMBS and CMBS
            –   Commercial Assets
                 •    Small ticket leases
                 •    Large Equipment leases
                 •    Whole business securitization
        •   Selective emphasis on project finance and public-private partnership
            (PPP) transactions and public sector financing


                                                                             Page 7
Business Focus – US Structured Finance


        • US Structured Finance activity will be focused
          on:
           – Residential Mortgage and Home Equity Loans
           – Consumer Assets, including:
               • Auto Loans
               • Credit Card Balances
           – Commercial Assets, including:
               • Loans and Leases
               • Business Securitizations
               • Future Flow Transactions
           – Financial Structures and CDOs, including:
               • CBOs, Cash and Synthetic
               • CLOs, Cash and Synthetic
                                                           Page 8
Professional Team


        • Seasoned professionals in Europe and the
          United States (see attached biographical
          sketches) with extensive experience in:
           – Capital markets
           – Financial guaranty
           – Quantitative risk analytics
           – Credit markets




                                                     Page 9
Professional Team
                                                                       Jacques Rolfo
                                                                           CEO

Michael Freed           Jim O’Keefe            Chuck Webster         Marc de Bréchard         Steven Klein       Jeremy Reifsnyder        Serge Marlé
General Counsel              CFO              Chief Risk Officer     Financial Engineering   Municipal Group     US Structured Finance   European Group

     Karen Braun           John Garrity          Paul Kwiatkowski          John Calvao           Bill Hogan            Rita Duggan        Michel Rouzioux
Asst. General Counsel      US Controller         Managing Director           Director             Director           Managing Director    Managing Director

   Diane Nergaard        François Colinet         Joseph Spivack          Patrick Ahteck       Michael Uhouse         Victor Mahoney        Jérôme Bire
 Sr. Legal Consultant   European Controller          Director             Vice President          Director           Managing Director        Director

                            Stan Cotek            Julien Bramel              Feng Li           Michael Bartsch        Abner Figueroa       Patrick Daguet
                         Planning/Analysis        Vice President          Vice President       Vice President            Director             Director

                                                                                                                       Joe Keepers          Alan Douglas
                                                  Lionel Houbas
                                                                                                                         Director              Director

                                                                                                                       Zhengyuan Lu         Pascale Viala
                                                                                                                          Director            Director

                                                                                                                      Richard Zogheb        Rémi Charrier
                                                                                                                          Director         Deputy Director

                                                                                                                      Harold Cornwall
                                                                                                                        Associate

                                                                                                                      Jonathan Sloan
                                                                                                                        Associate

                                                                                                                                                     Page 10
Corporate Structure and Capitalization


         • The CIFG Group is structured to:
            – Provide optimal utilization of our $500 million capital
              base
            – Support our direct companies with capital maintenance
              and reinsurance agreements to satisfy rating agency
              requirements to achieve Triple-A ratings
            – Create financial guaranty insurance companies licensed
              and active in our major markets
            – Create a cohesive, unified business that can operate with
              maximum efficiency to benefit our clients while adhering
              to a conservative risk management philosophy on a global
              basis


                                                                     Page 11
Corporate Structure and Capitalization
            CIFG Europe

                                     CDC IXIS

                                    CIFG Holding                              THE CIFG GROUP

                                         CIFG
                              French Reinsurance Company
                             Initial Capital 300 million Euros


                      CIFG Services


 CIFG North America, Inc.                                        CIFG Europe
Monoline incorporated in the U.S.                        Monoline incorporated in France
  Initial capital $100 million                            Initial capital 32 million Euros



                                                                                             Page 12
Corporate Structure and Capitalization
            CIFG Europe

      • French monoline insurance company, regulated by the
        French insurance regulator, Commission de Contrôle
        des Assurances (CCA)
      • Initially capitalized with €32 million
      • Supported by:
         – Stop Loss reinsurance protections from CIFG attaching after €20
           million of losses, and
         – Capital support agreement from CIFG, if capital falls below €20
           million
         – Both facilities are enforceable under French law

      • CIFG Europe is rated Triple-A by Moody’s, S&P and
        Fitch
                                                                       Page 13
Corporate Structure and Capitalization
    CIFG North America Inc. (NA)

                                    CDC IXIS

                                    CIFG Holding                             THE CIFG GROUP

                                        CIFG
                             French Reinsurance Company
                            Initial Capital 300 million Euros


                      CIFG Services


 CIFG North America, Inc.                                       CIFG Europe
Monoline incorporated in the U.S.                       Monoline incorporated in France
  Initial capital $100 million                           Initial capital 32 million Euros



                                                                                            Page 14
Corporate Structure and Capitalization
    CIFG North America Inc. (NA)

      • CIFG North America, Inc. (CIFG NA) is a monoline
        financial guaranty company, domiciled in New York
        and currently negotiating the purchase of licenses in
        other states
      • CIFG NA will underwrite all US business for the
        group, both structured finance and public finance
      • CIFG NA is capitalized with US$100 million and is
        supported by reinsurance and keep well agreements
        from CIFG


                                                            Page 15
Corporate Structure and Capitalization
                CIFG

                                     CDC IXIS

                                    CIFG Holding                           THE CIFG GROUP

                                       CIFG
                            French Reinsurance Company
                           Initial Capital 300 million Euros


                      CIFG Services


 CIFG North America, Inc.                                      CIFG Europe
Monoline incorporated in the U.S.                     Monoline incorporated in France
  Initial capital $100 million                         Initial capital 32 million Euros



                                                                                          Page 16
Corporate Structure and Capitalization
                CIFG

      • CIFG is a single purpose, dedicated reinsurance company
        established to provide reinsurance to CIFG Europe and
        CIFG North America
      • CIFG is organized as a reinsurer under French law and is
        overseen by the Commission de Contrôle des Assurances
        (CCA)
      • CIFG was initially funded with €300 million by CDC IXIS
      • CIFG provides reinsurance and capital support to both
        CIFG Europe and CIFG North America, pursuant to
        binding legal agreements between the parties
      • CIFG is rated Triple-A by Moody’s, S&P and Fitch

                                                                Page 17
Corporate Structure and Capitalization
  CIFG – Reinsurance Agreements

      • CIFG provides Stop Loss reinsurance coverage for all
        business written by CIFG Europe (net of third party
        reinsurance). The cover will pay all claims incurred by
        CIFG Europe in excess of €20 million during its term. The
        facility runs for eight full years and is automatically
        renewable
      • CIFG provides quota share reinsurance coverage for all
        business written by CIFG NA (net of third party
        reinsurance). This cover will pay a proportionate share of
        all claims incurred by CIFG NA. CIFG NA may cede as
        much as 75% of any risk underwritten to CIFG


                                                                 Page 18
Corporate Structure and Capitalization
   CIFG – Keep Well Agreements

      • CIFG has executed irrevocable keep-well (capital
        maintenance) agreements with each of the two direct
        writers
      • Each agreement requires CIFG to contribute capital to
        either operating company at any time that the capital
        of that operating company falls below a pre-set level
      • Those levels are €20 million for CIFG Europe and
        $80 million for CIFG NA



                                                           Page 19
Corporate Structure and Capitalization
            CIFG Holding

                                    CDC IXIS

                                    CIFG Holding                           THE CIFG GROUP

                                       CIFG
                            French Reinsurance Company
                           Initial Capital 300 million Euros


                      CIFG Services


 CIFG North America, Inc.                                      CIFG Europe
Monoline incorporated in the U.S.                     Monoline incorporated in France
  Initial capital $100 million                         Initial capital 32 million Euros



                                                                                          Page 20
Corporate Structure and Capitalization
            CIFG Holding

      • CIFG Holding is The CIFG Group’s holding company and
        is neither an insurance nor reinsurance company. It is a
        general business corporation organized under French law
      • CIFG Holding is the entity owned by CDC IXIS and to
        which CDC IXIS is committed under the terms of the
        subordinated loan agreement to fund the balance of its $500
        (€ equivalent) investment in The CIFG Group
      • CIFG Holding is unconditionally obligated to draw on the
        subordinated loan facility if requested to do so by CIFG
      • CIFG Holding is not rated by any of the rating agencies


                                                                  Page 21
Corporate Structure and Capitalization
              CDC IXIS

                                    CDC IXIS

                                    CIFG Holding                           THE CIFG GROUP

                                       CIFG
                            French Reinsurance Company
                           Initial Capital 300 million Euros


                      CIFG Services


 CIFG North America, Inc.                                      CIFG Europe
Monoline incorporated in the U.S.                     Monoline incorporated in France
  Initial capital $100 million                         Initial capital 32 million Euros



                                                                                          Page 22
Corporate Structure and Capitalization
              CDC IXIS

      • As sole owner, CDC IXIS has funded €300 million of its
        commitment to invest $500 million (€ equivalent) in The
        CIFG Group. The balance of $220 million (€ equivalent) is
        committed pursuant to an irrevocable, subordinated loan
        agreement
      • The subordinated loan agreement allows CIFG Holding to
        draw up to its full amount, if needed
         – to accommodate growth,
         – to pay claims or
         – to avoid a rating action by any of the rating agencies

      • Upon a draw, the loan amount can be converted into equity
        at the option of CIFG Holding


                                                                    Page 23
Corporate Structure and Capitalization
              CDC IXIS

      • CDC IXIS is a banking institution regulated by the
        French banking regulator, Commission Bancaire, and
        is subject to Bank for International Settlements (BIS)
        capital adequacy guidelines

      • CDC IXIS is owned by (see chart on next page):
         – EULIA (53%), a joint venture of Caisse des Dépôts et Consignations
           (CDC) and Caisse Nationale des Caisses d’Epargnes (CNCE), the
            consortium of French mutual savings banks
         – CDC, directly (43.5%), and
         – San Paolo IMI, an Italian commercial bank (3.5%)

                                                                                Page 24
Corporate Structure and Capitalization
              CDC IXIS

                           35%
        CNCE                               Caisse des
                                            Dépôts
               49.9%
                                  50.1%          43.5%
                          EULIA                                   San Paolo IMI
                                  53%                    3.5%
                                            CDC IXIS
                                                 100%
      The CIFG Group
                                          CIFG Holding

                                             CIFG
                  CIFG Services                                 CIFG Europe


                       CIFG NA
                                                                                  Page 25
Rating Agency Perspectives

        • Moody’s, Standard & Poor's and Fitch have
          determined that each of the financial guaranty
          companies in The CIFG Group is Triple-A
        • Each agency has reviewed:
           –   our plan of operation
           –   capitalization structure
           –   our management team
           –   policies and procedures, and
           –   ownership

        • Each believes that the structure, both legal and
          financial, supports its assignment of the highest
          ratings
                                                              Page 26
Rating Agency Perspective –
Fitch Ratings


        • Deems the structure and capitalization appropriate to
          support a AAA claims-paying rating
        • Employs a comprehensive, qualitative approach
        • Considers capitalization, ownership, business plan,
          management and anticipated portfolio risk profile




                                                                Page 27
Rating Agency Perspective –
Standard & Poor’s

        • Standard and Poor’s considers management and
          corporate strategy, business plan and capitalization
        • In addition to a qualitative review of these factors,
          S&P employs a quantitative stress test that subjects
          the company’s capital base to an unprecedented
          depression scenario and assesses the adequacy of that
          capital to pay assumed claims and continue its
          business
        • S&P applied this stress test to each of The CIFG
          Group’s companies as well as to the consolidated
          group and in every case, a AAA margin of safety was
          attained
                                                                 Page 28
Rating Agency Perspective –
Moody’s Investor Services

        • Moody’s evaluated The CIFG Group on a
          consolidated basis
        • In addition to its qualitative review of management
          expertise, risk management, ownership and business
          plan, Moody’s utilizes a model that “estimates the
          entire potential loss distribution associated with the
          guarantor’s insured exposure”. The model assesses
          risk by credit quality, maturity, distribution across
          sectors and, importantly, risk concentrations
        • The results of this assessment for The CIFG Group
          compare favorably with the other Aaa rated financial
          guaranty companies (see following chart)
                                                               Page 29
Rating Agency Perspective –
Moody’s Investor Services

                    Net Par         Expected 99.9%                  99.99%          Credit        Diversity Hard      Total
                                    Loss     Loss                   Loss            Quality       Ratio     Capital   Capital
                                                                                    Ratio                   Ratio     Ratio
                                          $ Millions                                  Bps
       CIFG*        55,720             146         572     667                         26          3.92x      1.45x    1.24x
       Ambac        279,655           1,062       3,715   4,179                        38          3.50x      1.32x    1.27x
       FGIC         156,401            274        1,044   1,190                        17          3.82x      2.32x    2.12x
       FSA          154,021            365        1,452   1,725                        24          3.98x      1.65x    1.46x
       MBIA         418,504           1,412       5,135   5,854                        34          3.64x      1.49x    1.40x
       XLCA & 10,597                    37         278     346                         35          7.52x      1.76x    1.63x
       XLFA**
       * Projected model results for 2006 portfolio
       ** Model results as of 2Q 2001. Others are as of year-end 2000.
       1.   Expected Loss: present value based on portfolio and Moody’s Default studies
       2.   99.9% Loss: present value of portfolio losses at the 99.9% confidence interval
       3.   99.99% Loss: present value of portfolio losses at the 99.99% confidence interval
       4.   Credit Quality Ratio: expected losses/Adjusted Net Par outstanding; Lower is better
       5.   Diversity Ratio: 99.9 Percentile Losses/Expected Losses; lower is better (more diversity)
       6.   Hard Capital Ratio: Hard Capital/99.9 percentile losses; higher is better
       7.   Total Capital Ratio: Total Capital/ 99.99 percentile losses; higher is better

                                                                                                                                Page 30
Underwriting and Risk Management

        • The CIFG Group employs modern, conservative risk
          management and credit underwriting techniques and
          methods
        • Comprehensive underwriting and risk management policies
          and procedures are designed to ensure zero-loss
          underwriting and diversified portfolio structure
        • CIFG will only insure investment grade obligations and
          will require shadow ratings of all transactions
        • Considerations include:
           –   Single risk limits
           –   Geographic and sectoral concentration limits
           –   Correlation effects
           –   Ratings volatility analysis


                                                                   Page 31
Underwriting and Risk Management

        • On the underwriting and risk control side, CIFG has taken the
          best of traditional practices and new ideas and forged an
          identity that learns from the past but is not constrained by it
        • Risk practices
            – CIFG can build on best existing practices
            – No legacy systems
            – Impose the risk technology built in the past 10 years

        • Risk systems
            – CIFG can use “best in breed” risk analytics
            – No legacy systems

        • Transparency: CIFG process is as transparent as possible

                                                                       Page 32
Surveillance, Workout and Remediation

        • CIFG has developed a comprehensive surveillance plan for
          all sectors of business
        • The surveillance plan details:
            – ongoing information requirements and credit quality parameters
              to be be monitored
            – Surveillance requirements and frequency of reviews, risk-
              weighted by sector and customized for individual transactions

        • Deal performance will be measured against expectations,
          with variance from expectations analyzed and rated
        • If slippage is noted, deal terms provide for early
          intervention
        • CIFG management has extensive workout experience in
          financial guaranty business as well as related capital
          markets and banking businesses
                                                                          Page 33
Investor Reporting


         • The CIFG Group produces full financial statements.
           Reports include:
            – Consolidated group statements
            – French or US GAAP and Statutory statements for the
              constituent companies of The CIFG Group

         • Reports are available in French and English
         • Portfolio data will also be available via periodically
           produced supplements
         • Other information will be made available as requested

                                                                    Page 34
Key Contacts

     • Chief Executive Officer
        – Jacques Rolfo       (212) 909-3936   j.rolfo@cifg.com

     • Public Finance
        – Steven Klein        (212) 909-3927   s.klein@cifg.com

     • US Structured Finance
        – Jeremy Reifsnyder   (212) 909-3946   j.reifsnyder@cifg.com

     • Europe
        – Serge Marlé         +33 1 4049 3480 s.marle@cifg.com

     • Chief Financial Officer
        – James O’Keefe       (212) 909-3930   j.okeefe@cifg.com
                                                                   Page 35
Appendix


           Professional Staff
              Biographies




                                Page 36
Corporate Group

      Jacques Rolfo: Chief Executive Officer
      Jacques Rolfo is in charge of The CIFG Group. From 1990 to 2000, Jacques was an Executive Vice President of the CDC Group in
      New York, where he was one of the founding managers of the asset management and capital market operations. Prior to CDC, Jacques
      worked for the World Bank in Washington, DC, for 11 years – primarily in the Investment Department – where he was Division Chief,
      and with Lehman Brothers for three years, where he created and headed the Derivative Research Group. Jacques holds a Ph.D. from
      Stanford University (Finance), an M.B.A. from the University of Pennsylvania, a Master’s in Mathematics from Paris University, and a
      diploma of engineering from L'Ecole des Mines de Paris.
      Jim O’Keefe: Chief Financial Officer
      Jim is responsible for The CIFG Group’s overall financial practices in North America and Europe. He joins The CIFG Group from
      MBIA, where he spent nine years in various financial roles, with significant responsibilities for MBIA’s non-US financial guaranty
      activities. Prior to his tenure at MBIA, Jim worked at Coopers & Lybrand as a manager in the Insurance Services Group and did a stint
      in the firm’s National Accounting and Auditing directorate. Jim, a C.P.A., holds a B.A. from PACE University.
      Chuck Webster: Chief Risk Officer
      Chuck is responsible for all risk management functions at The CIFG Group in North America and Europe. He was most recently
      Director of Fixed Income Research at Brown Brothers Harriman and prior to that, was a senior member of the Fixed Income Division at
      Sanford Bernstein. Chuck also spent nine years at Lehman Brothers, serving in various research and strategy groups. Prior to working
      in the private sector, Chuck taught economics at Washington University and Fordham University. Chuck holds a Ph.D. in Economics
      from University of Michigan and Master’s and Bachelor’s degree from University of Missouri.
      Paul Kwiatkoski: Head of Surveillance
      Paul is responsible for surveillance activities for The CIFG Group and is a member of the Risk Management Group. In 1986, Paul was a
      founder of Enhance Reinsurance Company – the first monoline financial guaranty reinsurer – and served as its President from 1996-99.
      He also served as an Executive Vice President of Asset Guaranty, an affiliate company. Prior to that, Paul was a Vice President and
      Underwriter with FGC Services – a financial guaranty intermediary. He was also with Moody’s Investors Service, where he was an
      Assistant Vice President in the Municipal Research Group where he managed the Bond Insurance Unit . Paul holds an M.P.A. from
      Syracuse University’s Maxwell School and a B.A. from Cornell University.




                                                                                                                                  Page 37
Corporate Group

      Michael Freed: General Counsel
      Michael is the chief legal representative for The CIFG Group in North America and Europe. From 1997 to 2001, he served as General
      Counsel and Managing Director of ACA Financial Guaranty Corporation . Michael also served as an Executive Vice President of ACA,
      with responsibility for the public and structured finance underwriting, secondary markets, surveillance and legal departments. Prior to
      ACA, Michael served as an attorney in private practice and as corporate counsel for a variety of corporations. Michael received his J.D.
      from U.C.L.A. Law School, M.A. from U.C.L.A., and B.A. from University of California at San Diego.

      Karen M. Braun: Assistant General Counsel
      Karen is responsible for transactional and corporate legal matters for The CIFG Group. She has over 15 years of experience in public
      finance, structured finance and investment management. Karen comes to CIFG from CDC Investment Management Corporation and
      CDC IXIS North America Inc. where she held the position of Senior Counsel. Prior to that, she was with Orrick, Herrington &
      Sutcliffe. Karen is the author of “Basic Issues in Secondary Market Municipal Derivative Products” in Frontiers in Derivatives (1997).
      She holds a J.D. from The University of Virginia School of Law and a B.A. from Cornell University.
      Marc de Bréchard: Head of Systems, Technology, and Financial Engineering
      Marc is responsible for all aspects of technology for The CIFG Group. Prior to his role at The CIFG Group, Marc served as a Vice
      President, Applications Development at CDC Investment Management Corporation, where he developed trading and reporting systems.
      Marc also worked for CDC North America as a quantitative analyst and developer. From 1994 to 1995, Marc completed his military
      obligations during a 16-month internship with CDC Investment Management. Marc received his Master’s degree in Physics from
      University of Paris VI and graduated from France’s Ecole Normale Supérieure de Paris.




                                                                                                                                    Page 38
Public Finance Group

        Steven Klein: Managing Director, Head of Public Finance Group
        As the Head of the Public Finance Group, Steven is responsible for all public finance transactions in North America. Prior
        to leading the Public Finance Group, Steven served as Senior Vice President at Enhance Reinsurance Company and Asset
        Guaranty Insurance Company, with responsibility for marketing and business development. From 1990 to 1994 he served as
        a Vice President for Product and Business Development at FGIC. From 1983 – 1990, Steven was a public finance
        investment banker at Donaldson, Lufkin and Jenrette. A graduate of Harvard University’s Kennedy School of Government
        (MPA), Steven received his J.D. from Boston University’s Law School and B.A. from Haverford College (BA).
        William J. Hogan: Director, Public Finance Group
        Bill is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance
        business. Over the last fifteen years, Bill served as Managing Director of Secondary Market Underwriting and a member of
        senior credit committee at ACA, Vice President and Senior Analyst at Financial Security Assurance, and Vice President and
        Senior Analyst at Moody’s Investors Service. He is also a member of the board of governors for the National Federation of
        Municipal Analysts. Bill received his B.A. from Rutgers College.
        Michael J. Uhouse: Director, Public Finance Group
        Mike is responsible for underwriting, origination, and marketing for The CIFG Group’s North American public finance
        business. Prior to The CIFG Group, Mike was Vice President in Institutional Fixed Income for ABN-AMRO. From 1985 to
        1995, Mike was a Vice President in the Public Finance Banking Group of Donaldson, Lufkin and Jenrette Securities
        Corporation . Mike received his M.B.A. and B.S. from SUNY Albany.
        Michael Bartsch: Vice President, Public Finance Group
        Before joining CIFG NA, Michael was one of five Senior Analysts on the tax-exempt bond and money market desks at the Vanguard
        Fixed Income Group, the bond department of a mutual fund with over $60 billion in municipal bond assets under management. While
        there, he was the lead analyst for the Massachusetts, Ohio, and Pennsylvania State Specific Funds, and lead analyst of the transportation
        sector. Before that, Michael was an AVP/analyst in the States and High Profiles Ratings Group at Moody’s Investors Service, the bond
        rating agency. He has a Masters of Public Administration from New York University.




                                                                                                                                              Page 39
European Group


       Serge Marlé: Managing Director, Head of European Group
       Serge is responsible for all of The CIFG Group’s European operations. Earlier in his career, Serge held senior positions in
       Europe for both FGIC and MBIA. Prior to a career in the financial guaranty business, Serge was employed at a number of
       major international banks, including Union Bank of Finland, the Paris branch of Mitsubishi Bank Limited, Citibank, and
       Crédit Lyonnais. Serge is a graduate of Ecole Supérieure Libre des Sciences Commerciales Appliquées.
       Michel Rouzioux: Managing Director, Deputy Head of European Group
       Michel is responsible for local underwriting and day-to-day operations for The CIFG Group's European operations.
       Previously, he worked at CDC Capital Markets as a Managing Director in charge of developing structured finance products
       in Europe. Prior to his tenure at CDC, Michel worked from 1978 to 1998 at Crédit Agricole, where he held several senior
       positions. He also spent six years working in London and Paris for Groupe des Banques Populaires. Michel holds a
       Master's in Mathematics, a Diplôme d'Etudes Approfondies in Computer Science, and a Master of Economics from Paris
       University. He is also a graduate of L'Ecole des Mines de Paris.
       Pascale Viala: Director, Structured Finance
       Pascale is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, she was Vice
       President – Senior Analyst at Moody’s Investors Service Limited in London. Prior to that, Pascale worked at the European
       Investment Bank in Luxembourg as an economist and as an Assistant Professor of economics at the University of Montreal.
       Pascale holds a Ph.D. in Management Science from Groupe HEC and has degrees from the University of Paris – IX
       Dauphine and the University of Montpellier I.




                                                                                                                               Page 40
European Group (continued)

        Patrick Daguet, CFA : Director, Infrastructure Finance
        Patrick is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG Europe,
        Patrick was Senior Structurer and Underwriter at Swiss Re, based in Zurich, where he primarily concentrated on the Project Finance,
        CDOs and ABS activities of the lead reinsurance company. Before, Patrick worked at FGIC and in the MBIA*AMBAC joint venture
        based in Paris as Senior Underwriter for Infrastructure Finance for a period of 6 years in total. He also spent 10 years at BNP in various
        capacities. Patrick holds the CFA Designation and is a CFA Charterholder. He also holds an MBA in Information Technology and
        graduated from the University of Paris V - René Descartes, where he earned a DESS Banque et Finance. Patrick also graduated from the
        Conservatoire National des Arts et Métiers (CNAM), where he obtained the Diplôme d'Etudes Supérieures Bancaires (DESB-ITB) and two
        other undergraduate degrees.
        Alan Douglas: Director, Infrastructure Finance
        Alan is responsible for sourcing, analyzing, and arranging infrastructure finance transactions in Europe. Prior to joining CIFG Europe,
        Alan was a Principal in the Bank of America Global Infrastructure department. There he worked as financial adviser and lead arranger on
        a wide range of infrastructure transactions throughout Western Europe. Keynote transactions on which he worked included the first
        limited recourse transaction in Greece, the first privately financed light rail system in the UK, the first toll road in the UK and the first
        major PFI/PPP project to reach financial close in the UK. He has also worked on transactions in Portugal, France, Italy and Poland. He
        holds a degree in Banking and Finance from Loughborough University.

        Jérôme Bire: Director, Structured Finance
        Jérôme is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Prior joining CIFG, he was a
        Vice President with the Lehman Brothers securitisation group in London, focusing on cash transactions for banks and
        corporates in France and Nothern Europe. Prior to Lehman, Jerôme was a senior structurer in the Paribas securitisation
        group with responsibility of originating and executing ABS transactions in France and Iberia. Jerome holds a master degree
        in engineering from the Ecole Nationale des Ponts et Chaussées.
        Rémi Charrier: Deputy Director, Structured Finance
        Remi is responsible for sourcing, analyzing, and arranging structured finance deals in Europe. Most recently, he was Deputy Director for
        AGF Assurances Financières, supervising the launch of the financial guaranty business. Prior to that, Remi was the Assistant Director of
        Securitization at Standard & Poor’s, with responsibility for analyzing credit risks and legal issues. He began his career at Crédit Lyonnais
        as a project manager specializing in market activities at the General Audit Office. Rémi is a graduate of the Ecole Supérieure de
        Commerce de Paris.




                                                                                                                                                Page 41
US Structured Finance Group

        Jeremy Reifsnyder: Managing Director, Head of US Structured Finance Group
        As the Head of the Structured Finance Group, Jeremy is responsible for all structured finance transactions in North America.
        Before joining The CIFG Group, Jeremy was a Managing Director at MBIA Insurance Corporation and Capital Markets
        Assurance Corporation (CapMAC), where he led the Corporate & Special Products Group as well as the Structured
        Secondary Markets and Conduits Group. Prior to joining CapMAC, Jeremy was a consultant to the Global Asset Backed
        Securities Group at Chase Manhattan Bank, and Managing Director of North American Structured Finance at Deutsche
        Bank and Deutsche Morgan Grenfell. His previous experience included service with Continental Bank N.A. and Société
        Générale. Jeremy holds an M.B.A. from the Wharton School of the University of Pennsylvania, an M.A. in East Asian
        Studies from Harvard University, and a B.A. in political science from Columbia University.
        Rita Duggan: Managing Director, US Structured Finance Group
        Rita is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
        business. Prior to joining The CIFG Group, Rita was a Director at MBIA Insurance Corporation in the Structured Finance
        Risk Management Group as the primary risk officer for both the CDO and the future flow new business groups. Prior to
        that, she was a senior transactor for several years in the Corporate Asset-Backed & Special Products Group, specializing in
        new assets. Rita’s experience prior to joining MBIA was at PPM America in the Structured Finance Group, where she
        invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group, where she structured asset-backed
        transactions; Fitch in the Asset-Backed Securities Group, where she rated asset-backed transactions; and Daiwa Bank where
        she was a lending officer for structured and project finance transactions. Rita received a Master’s degree in International
        Affairs from Columbia University and a B.S. degree from Marymount College.
        Victor Mahoney: Managing Director, US Structured Finance Group
        Victor is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
        business. Prior to joining the CIFG Group, Victor was a Director in the Securitization Group of Dresdner Kleinwort
        Wasserstein Securities, where he originated asset-backed transactions in the public, private and conduit markets. Prior to
        that, Victor performed a similar role as a Vice President with Deutsche Bank Securities’ Mortgage and Asset-Backed Group.
        Victor’s broad experience ranges across the highly liquid asset classes of credit cards, autos, trade receivables and student
        loans to the more esoteric boat and RV loans, equipment leases, rental car leases, franchise loans and senior settlements.
        Victor’s earlier experience also includes positions with the asset-backed groups at NatWest Markets and Sumitomo Bank.
        Victor holds an M.B.A. from the Wharton School of the University of Pennsylvania, and a B.A. from Dartmouth College.



                                                                                                                               Page 42
US Structured Finance Group (cont.)

       Richard J. Zogheb: Director, US Structured Finance Group
       Richard is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance
       business. Prior to joining The CIFG Group, Richard was a Vice President at MBIA Insurance Corporation in the Global
       Operating Assets Group as the primary deal manager for both aircraft and other operating asset transactions. Prior to that, he was
       a transactor in the Corporate Asset-Backed Group, specializing in CDO and small-ticket lease transactions. Before joining
       MBIA, Richard was a Vice President in the structured finance department at The Industrial Bank of Japan where he was a senior
       member of the team that structured CDOs from the bank’s balance sheet; Standard and Poor’s in the Structured Finance Group,
       where he rated esoteric asset-backed and CDO transactions; and Republic National Bank of New York where he was an officer
       in the Trading Risk Management group and risk officer for the Emerging Markets Trading group. Richard holds an M.B.A. from
       New York University’s Stern School of Business’ Executive Finance Program and a B.A. in economics from Hunter College.
       Abner Figueroa: Director, Structured Finance Group
       Abner is responsible for underwriting, origination, and marketing for The CIFG Group’s North American structured finance
       business. Prior to joining The CIFG Group, Abner was with the Asset Backed Finance Group at Prudential Securities, Inc.
       where he marketed the full range of investment banking services. Abner was also responsible for developing strategies to
       improve the effectiveness of client securitizations. Prior to that, he was a Vice President in the Residential MBS Group at Duff &
       Phelps Credit Rating Company, where he analyzed prime, alternative A, and sub-prime securitizations. While at Duff & Phelps,
       Abner developed the rating agency criteria for evaluating net interest margin securitizations. His previous experience included
       service in the MBS group at Financial Guaranty Insurance Company (FGIC), and at Lehman Brothers Inc. and Salomon Brothers
       Inc. Abner holds an M.B.A. from Columbia University and a B.B.A. from University of Notre Dame.
       Zhengyuan Lu: Director, US Structured Finance Group
       Lu is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance
       business. Prior to joining The CIFG Group, Lu was a Director at MBIA Insurance Corporation in the CDO and Structured
       Product Group, specializing in funded & synthetic CDOs and other credit derivative based products. Prior to MIBA, Lu was a
       senior transactor in the Structured Finance Group of Asset Guaranty Insurance Company, with responsibility of originating and
       executing ABS transactions. Lu's experience prior to joining Asset Guaranty was at PPM America in the Structured Finance
       Group, where he invested in asset-backed securities; Rothschild Inc. in the Capital Markets Group and Credit Suisse First Boston
       in the Asset Finance Group, where he structured asset-backed transactions. Lu received a B.A. degree in Economics and
       Computer Science from Middlebury College, and was elected as a member of Phi Beta Kappa


                                                                                                                                    Page 43
US Structured Finance Group (cont.)

         Joe W. Keepers: Director, US Structure Finance Group
         Joe is responsible for transaction modeling for The CIFG Group’s North American structured finance business. Prior to
         joining The CIFG Group, Joe was a Senior Vice President with the Structured Finance Department at Mizuho Corporate
         Bank (formerly the Industrial Bank of Japan), where he was responsible for transaction modeling and deal support, working
         on transactions for the bank and it clients involving diverse asset types such as CDOs, CLOs, trade receivables, equipment
         leases, and high LTV mortgages. Joe was responsible for developing the capital models and getting rating agency approval
         for a new SIV, sponsored by the bank. Prior to that he was a Vice President at Rothschild, Inc., Wertheim Schroder & Co.
         J.P. Morgan Securities Inc., and Goldman Sachs & Co. where he specialized in transaction modeling in CMOs, MBS, and
         Asset Backed Securities. Joe is a CFA and holds a Ph.D. in Pharmaceutical Chemistry, from The University of California at
         San Francisco.

         Harold Cornwall: Associate, US Structured Finance Group
         Harold is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured finance
         business. Prior to joining The CIFG Group, Harold was an Associate at Wachovia Securities on their Structured Funds
         Management team specializing in multi-sector CDOs. Before joining Wachovia, Harold was a Lieutenant in the United
         States Navy, with tours of duty on nuclear fast attack submarines in Charleston, S.C. and staff positions with the U.S.S.
         Independence Carrier Battlegroup in Tokyo, Japan. Harold received a M.B.A from the University of California at Berkeley
         and a B.S. in Systems Engineering from the United States Naval Academy. He has successfully completed CFA level three.

         Jonathan Sloan: Associate, US Structured Finance Group
         Jonathan Sloan is responsible for underwriting, origination, and marketing for The CIFG Group's North American structured
         finance business. Prior to joining The CIFG Group, Jonathan was an Associate at J.P. Morgan Securities, Inc. in the North
         American Asset-Backed Securities Group where he marketed and executed securitization and synthetic portfolio transactions
         in several different asset classes including student loans and global residential mortgage backed securities. His prior
         experiences included working as a senior accountant at the New York based hedge fund D.E. Shaw & Co. and in the
         Commercial Products division of Arthur Andersen LLP. Jonathan graduated summa cum laude from Binghamton University
         where he received his M.S. and B.S. in Accounting.



                                                                                                                               Page 44
Website




          www.cifg.com



                         Page 45

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:2
posted:7/2/2011
language:English
pages:45