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BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Barclays Capital has hired three foreign exchange salesmen to establish an fx sales group to market products to financial institutions that are not active in the inter-dealer broker market. Tanguy Cruysmans, senior fx and interest rate derivatives marketer at Bank of New York in London, joins as a director and fx salesman, Jo Hughes, global head of non-reciprocal bank sales at Commerzbank Securities in London, will be a director and fx salesman, and David Seaman, associate director in non-reciprocal bank sales at Commerzbank, was hired as an assistant director and fx salesman.

Barclays Capital has added its first credit derivatives salesman for corporates to the risk advisory group. The firm is relocating Simon Deeny, salesman within the corporate risk management and derivatives group at Barclays in New York, to London to take the position, according to Gary Cottle, managing director and head of the risk advisory group for the U.K., who added that Deeny will also sell other products. Barclays made the move because it sees corporate use of credit derivatives as the next growth area, he added.

Japanese derivatives giant Bank of Tokyo-Mitsubishi is preparing to transfer its credit derivatives group to its securities subsidiary in order to merge its fixed income cash and derivatives operations. The move is designed to increase the bank's ability to exploit arbitrage opportunities between the instruments, as well as offer a wider range of products, according to Nobukazu Saeki, senior manager of the derivative and structured products division at BoTM in Tokyo.

U.S. corporations are snapping up interest rate swaps to convert fixed-rate debt into floating to match cash positions they have built up in an attempt to improve their balance sheets during difficult market conditions. Most of the corporates have issued fixed-rate debt, but the cash positions are earning a floating rate in the money markets, which is leading the corporate treasurers to review their risk, explained one New York-based marketer.

Citigroup Global Markets has combined its global credit derivatives group and global portfolio solutions group, which includes collateralized debt obligations, and named Steve Jones, head of global loan portfolio management, as the head in New York. Jones did not respond t messages. The division has been forged as a means of building the firm's global structured products business, according to one firm official.

Commerzbank Securities' hemorrhaging of credit derivatives professionals is calling into question the firm's ability to retain the remaining staff and maintain its clients, according to rival bankers. One concern is that with experienced flow credit derivatives traders leaving, structured credit staff, including sales, structurers and traders will become disgruntled that they do not see the flow necessary to structure exotic products and will also resign, according to rival bankers. The exodus reportedly started because the firm paid low bonuses, according to Commerzbank staffers. Mike Staveley, head of credit trading, said the firm has 65 credit traders globally and is shifting resources internally to cover vacancies. Neil Brazil, a spokesman, declined comment.

Steven Metro, senior salesman at Commerzbank Securities in New York, has joined Credit Suisse First Boston as a director in credit-default swap trading. Although the hire was made to replace a recent departure, the firm is planning additional hires in the division, said an official familiar with the situation. Robert Lynn, managing director in the flow derivatives coverage group in New York, to whom Metro reports, did not return calls. Metro declined comment.

Deutsche Bank is about to begin talks with third-party distributors in the U.S. for the first time, with a view to extending the reach of its newly forged equity-linked notes business outside of the Deutsche Bank group. Karen Fang, v.p. in the structured products, global equities division in New York, said the move is a natural development of the business, which was initiated in North America late last year (DW, 1/12). Since launch the business has grown, with the firm now offering between four and five structured notes per month, up from initial projections of two, she noted.