Rabobank has expanded its U.K. structured credit group with two new hires in the past month and is hunting for a third staffer to add to the team of nine.
Nigel Price, formerly a structured credit trader at Calyon in London, started on the desk last Tuesday as a correlation trader. He will be joined Wednesday by Tobias Becker, who recently completed his PhD and previously worked for Deutsche Bank's structured credit desk in Frankfurt. Becker joins as a director. Both report to Mark Lauber, executive director of structured credit, who said the new slots reflect the group's increasing workload. He added the third staffer will cover general structuring.
The group recently closed a EUR375 million synthetic collateralized debt obligation trade referenced to AAA and AA-rated asset-backed securities. Lauber said the firm is also looking at a number of other deals, including a principle-protected hybrid CDO combining Rabobank bonds with credit-default swaps.
