|Name: Justin May|
Institution: ABN Amro
Date promoted: March 2005
Title: Global head of debt capital markets
Previous job before promotion: Head of European corporate origination
Years in capital markets: 13
First job in capital markets: Graduate trainee in Nordic origination team in DCM at Yamaichi
Favourite deal worked on: E.On's Eu7.5bn equivalent bond in 2003
Family: Married with four daughters
Lives in: Fulham, west London
Hero: Martin Johnson
Justin May was made global head of DCM at ABN Amro in March, taking charge of financial institutions origination in addition to his responsibility for corporate clients.
He had joined ABN Amro in 1995 to run Nordic origination and was promoted to head of European corporate origination in 2000. Two years later he became global head of corporate DCM.
"The most successful platforms have product expertise, strengths in trading and distribution, as well as close alignment with bankers and the lending side of the business," says May. "ABN is aligning its products and bankers more closely than ever to ensure there is no duplication between products and areas and to drive efficiencies."
May gives the example of the growth in hybrid capital and the synergies that can be realised between corporates and financial institutions coverage.
"There will be growth in hybrid capital for both financials and corporates and I still believe in growth and development of the long end of the credit markets, particularly in the euro market. This year has been tough, but low yields will continue to force development at the long end," he says. "The credit markets will develop, both investment grade and high yield — we now have a definite high yield market existing in Europe."
The DCM business is becoming more commoditised, says May. "Innovative products do not remain innovative for long, sunrise products become sunset products very quickly. It is important to replicate these quickly to maximise revenues from particular products."
May has over 13 years' experience in the international debt capital markets, starting out as a graduate trainee in the Nordic origination team in DCM at Yamaichi in 1992.
May singles out E.On's Eu7.5bn equivalent transaction in 2003 as particularly memorable and was also involved in GMAC's Eu16bn multi-tranche offering and Telecom Italia's £850m 15 year bond, its debut in the currency.
May reports to Mike Nawas (qv), global head of fixed income capital markets at ABN Amro.