CIBC World Markets has created a synthetic collateralized debt obligation group in London, according to market officials. The group, which is comprised of about seven professionals, including marketers and structures, was formed last month to meet the growing demand for synthetic products in the European market. A credit derivatives official at CIBC confirmed the bank has hired "some structured people to work on our credit platform," declining further comment.
Mark Hopkinson, managing director and head of structured products, is said to be leading the effort. He did not return calls. Michael Bresges, head of derivatives sales in London, was on vacation and unavailable for comment and Angela Carter, a firm spokeswoman in London, declined to comment. The firm structured its first synthetic CDO in December at its Toronto headquarters and is currently working on a sequel to that deal, (DW, 2/18).
