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Derivatives

TD Promotes High-Yield Credit Manager

Joe Hegener, managing director and global head of non-investment grade credit derivatives and collateralized debt obligation business at TD Securities in New York, has been promoted to head investment banking and securities in the U.S. His promotion is part of an ongoing integration project by the firm that entails joining its products groups with its corporate financing business, Hegener said. Hegener has replaced Gordon Paris, who left the firm last month, according to a company official, who declined further comment. Hegener reports to John MacIntyre, global head of investment banking and Mike MacBain, head of global debt capital markets.

The restructuring makes for better structured risk management on the trading floor," according to Hegener. TD began its integration process earlier this year when it began expanding its high-yield credit derivatives group, that now works to leverage TD's high-yield bond and leveraged loan platform. The move prompted the current integration process. "This way everyone is working closely together here in the U.S.," Hegener said.

There will be additional changes to TD's U.S. division over the next several months as part of the integration, according to Hegener, who declined to comment further. Although not historically a well-known liquidity provider, traders at other firms said TD has gained a strong foothold in synthetic collateralized debt obligations, credit linked notes, and credit-default swaps.

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