Credit Suisse First Boston is looking to beef up its presence as a structurer of high-yield credit derivatives. Joe Russell, global head of leveraged finance trading in New York, said the firm will look to add two senior traders and possibly a structurer, though it has yet to be determined whether CSFB will move staff internally or hire externally. Russell said credit derivatives, traditionally associated with investment-grade credits, have increasingly begun to trade on high-yield and bank loan desks. Russell attributes the increased popularity to the increasingly volatile credit environment of the last 12-18 months. He would not disclose specific clients who have demanded credit derivatives, though he said the product is particularly popular with hedge funds.
CSFB Looks To Ramp Up High-Yield Credit Derivatives
