The new business arm is called leveraged markets and is led by former head of high yield capital markets, Scott Boothby. The leveraged markets head will report to the head of leveraged finance, Chris Day.
Sean Costello — formerly head of loan capital markets, leveraged finance — will leave the bank, according to a senior official at Commerzbank. The official said that it was a shame he was leaving.
Costello joined Commerzbank in 2005, as a director in its European leveraged distribution team, before moving on to become head of leveraged loan distribution.
Before that, he was a director in loan distribution at RBS and also had roles at NIBC Bank, Sakura Bank and NatWest Markets.
Costello declined to comment on the move when contacted on Wednesday.
“The market has the same investor base so it would thought to be more efficient to add those two together,” said the senior official of the merger. “It is logical.”
The new leveraged markets unit remains in the London office, where the two separate business arms were run. Two directors will report to Boothby, they are Alex Merwart and Antoine Collas.
Merwart has a background in leveraged loans, having working on Commerzbank’s levloan team since 2007. Collas specialises in high yield bonds and has been a director in high yield capital markets at the bank since 2013.