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Calyon has hired Johnny Srivastava, v.p., from SG Corporate & Investment Banking and Ademola Adesina, senior associate, from JPMorgan to its U.S. structured credit sales team in New York.
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Banca Carige and Banco Popolare di Verona e Novara (BPVN) had investors' and bankers' full attention in what was an otherwise subdued week in the European financial institution bond market.
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Calyon has hired Johnny Srivastava, v.p., from SG Corporate & Investment Banking and Ademola Adesina, senior associate, from JPMorgan to its U.S. structured credit sales team in New York. The pair report to Bertrand Delaunay, director in U.S. structured credit sales, who could not be reached for comment by press time. Zain Abdullah, managing director and head of structured credit and derivatives at Calyon, declined immediate comment.
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A managing director in structured credit marketing at Merrill Lynch in London has left the firm.
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Thibaut Antoine, a senior equity derivatives trader at BNP Paribas in New York, has resigned. He is tipped to join Goldman Sachs in a similar role, reporting to Paul Russo. Russo did not immediately respond to a message and Antoine was on gardening leave and could not be reached.
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Growth in the credit-default swap market has slowed, according to the Bank For International Settlements, and credit players have attributed the deceleration to investors becoming more risk adverse. "Investors aren't storming into CDS the way they used to," said one strategist at a European firm in London.
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Calyon's Julien Bahurel, director in equity derivative sales in Hong Kong, has left the firm. Bahurel, reached via his cell phone, said he will join another house in Hong Kong in a similar capacity after his gardening leave, declining to further elaborate. He reported to Dickson Cheung, managing director and Asia ex-Japan head of equity derivative sales and marketing in Hong Kong, who declined comment.
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Activity for longer-dated credit-default swaps in Australia is on the rise, due to the growing number of local accounts looking for yield in the tight-spread environment. "Liquidity in the back-end of the market has definitely picked up," said a dealer at a major domestic bank in Sydney.
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Christian Schettling, a senior fixed income derivatives marketer to Germany at Lehman Brothers in London, has quit the firm and market buzz has connected him with a similar role at SG Corporate & Investment Banking. Schettling is on gardening leave and could not be reached, but officials familiar with the situation said he will report to David Ishoo-Mirzayoo, head of institutional fixed income derivatives marketing. Ishoo-Mirzayoo was traveling and could not be reached and spokeswoman Michelle Gathercole did not comment by press time.
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Thailand's central bank governor, M R Pridiyathorn Devakula, details his fight against foreign credit card and personal loan sharks
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Investors with yield on their minds have been jumping into the new $390 million deal for PAETEC, despite the fact the company is a competitive local exchange carrier and Standard & Poor's has assigned a 5 recovery rating to the deal.