BNP Paribas is setting up a cash collateralized debt obligation business in New York, which will complement its existing synthetic CDO operations. An official close to the firm said by offering cash, BNP will be able to access a broader range of potential clients for its synthetic business.
The French firm hired Tim Drayson Oct. 13 to head the effort as global head of securitization in New York. Until this summer, Drayson was head of capital markets and managing director in the European securitized products group at Morgan Stanley in London (DW, 6/17).
