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July 19, 2019  

Credit Agricole's Pilcer Calls End to Career

Industry veteran Sam Pilcer is retiring.

Pilcer, a managing director at Credit Agricole, has worked on a range of securitizations but is best known as one of the longest-tenured professionals in the commercial-paper conduit market. His last day of work is Aug. 31.

Pilcer entered the structured-finance industry in 1993, when he left a secured-lending post at ABN Amro to join what was then was a fledgling securitization group at Moody’s. His early work there included assigning some of the first ratings to mortgage warehouse facilities, collateralized loan obligations and bonds backed by aircraft leases and vehicle fleet leases.

Pilcer also helped Moody’s develop a framework for grading conduit securities, and in 2000 took control of the agency’s asset-backed commercial paper team — which remains the most active in the field.

In 2003, Pilcer moved to Credit Agricole as head of deal structuring and execution for the bank’s U.S. conduit business in New York. Among the vehicles he has been helping to run there are Atlantic Asset Securitization and Lafayette Securitization.

He also has been assisting with Liquidites de Marche, which ranked as the world’s largest conduit during the fourth quarter of 2018 with an average of $17.3 billion of its securities in the hands of investors, according to Moody’s. Credit Agricole’s overall conduit outstandings averaged $27.5 billion at the time, making the bank the industry’s third-biggest sponsor behind J.P. Morgan and RBC.

In the past year or so, Pilcer’s role at Credit Agricole expanded to include the structuring of term asset-backed bond offerings that are underpinned by online personal loans, solar-power equipment leases and Property Assessed Clean Energy credits.

Pilcer is known for appearing on panels at major industry conferences. “It’s hard to imagine a market without Sam. He’s a pillar of the industry,” one banker said.