Merrill Lynch has lost a multi-billion euro mandate to Deutsche Bank for a collateralized loan obligation because of the defection of two key bankers from Merrill to Deutsche Bank, according to several high-level European securitization officials. As reported by LMW sister publication BondWeek, the mandate from Bankgesellschaft Berlin originally won by Merrill, was pulled after two of its German securitization bankers left for Deutsche Bank, said officials.
A Merrill insider says Rolf Steffens and Sven Maier, both structurers, had been working on the deal until they joined Deutsche Bank last month. Responsibility for the deal had been passed to Burkhardt Heppe and Ian Parker, also members of Merrill's European securitization group, but the mandate has since been pulled and given to Deutsche Bank. The deal's size and launch date could not be determined.