Deutsche Bank is beefing up its high-yield credit derivatives trading desk in the U.S. and has transferred Chip Stevens, senior investment-grade credit derivatives trader, to co-head the high-yield activity. Client interest in both investment-grade and high-yield credits as well as the growth in high-yield index products has encouraged the firm to add more resources to the desk, Stevens noted.
The desk is operating as a joint venture with the firm's investment-grade trading desk. Deutsche Bank has also hired Rob Weintraub, a loan portfolio trader at Merrill Lynch, as a high-yield credit derivatives trader and may make further hires opportunistically, he added. Weintraub declined comment. Michael DuVally, spokesman at Merrill in New York, declined comment.