HSBC has kick started its Tokyo credit derivatives effort and hired Hideyuki Kudo, head of structured credit and securitization at Dresdner Kleinwort Wasserstein in Tokyo, as managing director in structured credit origination in Tokyo. Kudo, who came on board last week, could not be reached for comment.
The firm is setting up systems for the operation, which will be spearheaded by Kudo. "We're starting from scratch but we definitely will be offering the same types of products as our rivals," said Kenichi Tatsuzawa, managing director and head of global fixed income sales in Tokyo.
Tatsuzawa joined at the onset of the year with a mandate to boost the debt business, which includes establishing a credit derivatives desk (DW, 4/22). He said the firm will shortly bring over a few structurers internally for the desk, and he expects HSBC will recruit additional staff early next year to expand the operation.
Nuala Connolly, spokeswoman at Dresdner in Tokyo, declined comment.
