CIBC World Markets in London is re-establishing a European high-yield team with the hire of William Franklin, previously product head for high yield and head of credit sales at ING in London, as head of European high yield. Franklin starts in mid-August and will report to Chris Rist, head of European leveraged finance and co-head of investment banking origination. Franklin, who is on gardening leave, declined comment. Rist did not return calls by press time.
CIBC is getting back into the European high-yield bond business now after having exited the market in 2001 after the media and telecom bubble burst. The bank has, however, maintained a solid position in leveraged finance in the intervening years, closing 14 deals in 2004, and can capitalize on this in building its high-yield bond franchise, according to an official.
Franklin, who left ING in May (BW, 5/23), has worked in European high yield since 1997. He started on the buy-side as one of the first investors in the new asset class, moving to ING in 2001.