UBS Warburg has launched a European distressed debt effort to be coordinated through its London office. The firm has hired Martin Teevan, formerly a member of ING Barings' high-yield team in London, to spearhead the effort in the newly created position of director of distressed debt trading. Teevan will start out by trading names from the firm's high-yield book that have fallen into the distressed category, a firm official said. He reports to Jeff Horan and Drew Doscher, Stamford, Conn.-based co-heads of global distressed debt. Andrew Casswell, head of high-yield trading at ING says Teevan, who left the firm six months ago, will not be replaced.
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||8,264||27||10.34|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||94,721.79||272||8.91%|
|4||Wells Fargo Securities||82,597.19||239||7.77%|