CIBC World Markets has hired Mike Senft as a managing director in its corporate and leverage finance group. Senft, who joins from Merrill Lynch, reports to Bruce Spohler and Ed Levy, managing directors who both head the corporate leveraged finance group for the U.S. out of New York. Senft says he will be responsible for originating leveraged loans and high-yield bonds for middle market companies and financial sponsors. Middle markets companies are mid-size companies with less than $1.5 billion in equity and financial sponsors are the financial companies that sponsor leveraged-buyouts. The position is newly created, says Senft, who adds that CIBC hired him to specifically build up the bank's effort in the middle market segment of the leveraged finance market. CIBC will selectively add more bankers in this department, but Senft declined to specify how many.
At Merrill, Senft was managing director of leveraged finance and reported to Richard Saltzman, managing director. Senft left Merrill Lynch for CIBC because the Canadian bank has a clear commitment to the leveraged finance business.
CIBC World Markets is the investment arm of Canadian Imperial Bank of Commerce.