J.P. Morgan Securities has established a covered bond trading desk in Frankfurt, says Sebastian Howell, a spokesman in London. The move is in response to the growing covered bond market in Europe, with many new countries seeking to enter the market for the first time. J.P. Morgan started trading covered bonds last month.
Two traders were hired for the desk. Steffen Dahmer and Roger Kuntsche joined J.P. Morgan earlier this year from Barclays Capital. They report to London-based Carl Norrey, head of public sector trading, syndication and origination. In addition to trading, Dahmer and Kuntsche will be originating covered bonds.
