|Name: Brian Bassett|
Institution: Deutsche Bank
Date promoted: December 2004
Title: Head of high yield and loan capital markets for Europe
Previous job before promotion: Head of high yield capital markets, Europe
Years in capital markets: 10
First job in capital markets: High yield capital markets in New York for Bankers Trust
Favourite deal worked on: Prosieben 11.25% notes, July 2002
Lives in: Chelsea, west London
Deutsche Bank expanded Brian Bassett's job to include loans in December 2004, making him head of high yield and loan capital markets for Europe. He previously headed up the European high yield group.
Bassett is responsible for high yield capital markets and syndicate, loan capital markets for both investment grade and leveraged, as well as par bank loan sales and trading.
"We merged our businesses together to better align with an investor base which has and will continue to overlap," he explains. "We want all of our capital markets professionals to be fluent in all leveraged finance products — senior, second lien, mezzanine and bonds."
With the advent of second lien and an increase in the size of mezzanine tranches, traditional high yield investors and hedge funds have shown an increased interest in loan products. Through its new structure, the bank can offer tailored ways for its clients to tap into each of these new investor bases.
"Over the past 12 to 24 months the loan market in Europe has become significantly more liquid and dynamic with the influx of institutional money into the product," says Bassett.
In the past, Deutsche Bank has had two separate reporting lines for loans and high yield bonds. Richard Munn, who was managing director and co-head of European loan syndication in London, left the firm as part of the restructuring in December. Mathias Gaab, formerly co-head with Munn, now runs Deutsche Bank's loan capital markets business in Frankfurt for Bassett.
The change in responsibilities for Bassett has not resulted in any new hires or an expansion of the group. "We have been fully staffed as a combined group. This was a question of bringing the whole platform together."
Bassett has lived in London since 2000 and has worked at the same institution throughout his career, starting at Bankers Trust, which was acquired by Deutsche Bank in 1999. He has always worked in leveraged finance and high yield debt.