Barclays Makes European Credit Push

  • 08 Dec 2002
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Barclays Capital has hired two top level credit derivatives professionals in a bid to become a major player in the European CDO and credit-default swap markets, according to Eileen Murphy, global head of agency CDOs at Barclays Capital in New York. The firm hired Paul Varotsis, executive director in structured credit trading at Lehman Brothers in London and the European chairman of the International Swaps and Derivatives Association's credit derivatives market practice committee, in the new position of European head of agency CDOs, and Olivier Staub, managing director and flow credit derivatives trader at Bear Stearns in London, as a director in a similar position. Varotsis and Staub declined comment.

Rival credit derivatives professionals said there is more to breaking into one of the hottest business around than hiring two names and said Barclays still has a lot of work to do, for example HSBC hired two industry veterans Rick Ziwot, global head of structured credit products, and Rick Briggs, global head of trading for structured credit products, from Bank of America in May 2001, but has not established as a major credit derivatives player.

Murphy said building a top-notch CDO and credit derivatives business is on the executive committee's list of priorities. She added, the firm's AA credit rating will give it an edge when dealing with end investors. Several other major derivatives houses, including JPMorgan and GoldmanSachs, are rated A plus.

Varotsis will report to Murphy when he starts later this month and Staub will report to Andrew Whittle, head of credit derivatives trading in London.

At Lehman, Varotsis reported to Mark Ames, executive director and head of European credit trading and CDOs in London. Staub reported to Whittle at Bear Stearns until he joined Barclays earlier this year.


  • 08 Dec 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%