Art de Pena and Robert Gianni, both directors and loan salesmen at Credit Suisse First Boston and UBS, respectively, will soon start at The Royal Bank of Scotland where they will become senior vice presidents for RBS's leveraged loan sales & trading team. Both de Pena and Gianni have already resigned from their previous positions. David Petrucco, senior v.p. of leveraged loan syndication, sales and trading for RBS, said Gianni and de Pena would be the two senior salespeople on RBS' leveraged loan sales & trading desk. He noted that the additions would complement RBS' expansion of its leveraged loan sales and trading efforts in North America, but declined to comment on whether or not additional hires would be made.
A CSFB official confirmed de Pena's departure. CSFB will not be looking to hire to fill the void but will rather look to reallocate de Pena's accounts. It could not be determined whether UBS would be hiring to fill Gianni's open spot. A UBS spokesman confirmed his departure, but declined to comment on replacement options. Officials at UBS did not return calls. Gianni and de Pena could not be reached.
On the trading front, the bank debt under the wider Edison International umbrella was a touch stronger this week after Edison Mission Energy retired its $275 million loan with proceeds from a $345 million senior note offering. The loan was set to expire on Tuesday. The paper was quoted in the low 90s prior to the news. Edison Mission Midwest Holdings also has $911 million in bank debt coming due in December. This loan was quoted in the 87-89 range after the news and the bank debt under the company's Mission Energy Holding entity was bid up into the 60 level from the high 50s.