HSBC Bank, a relatively new entrant to the European securitization market, is setting its sights on becoming an important market player. After a slew of hires made last year to fill senior positions on the securitization team, the firm is now looking at garnering a spot on the European securitization league tables, according to Robert Drutman, London-based head of European structured product syndicate and product manager.
"We are focused on securitization and you will see us in the rankings this year," says Drutman. He says the firm's strengths are its balance sheet, corporate banking relationships and distribution capacity. Drutman declined to say what other deals the firm has in the pipeline, but did say HSBC is a very relationship-driven bank, and its origination strategy for securitization is to provide funding products, risk transfer products and asset management CDO products for its fund management, bank and insurance clients. For corporates it will provide whole business securitizations and other asset classes such as trade receivables and leases. The firm was not ranked in any securitization market polls.
The team is fully staffed for the time being, but Drutman anticipates adding new talent as the business grows. He says it is too early to say how many more bankers may be added.