CIBC World Markets has hired Mickey Spillane as an executive director to work on its high-yield trading desk. He reports to Scott Fahey, managing director and head of high-yield and distressed bank loan sales and trading. Spillane will trade credits in a number of sectors, including media, technology, energy and chemicals.
Fahey says CIBC hired Spillane to take advantage of cutbacks at other high-yield firms in recent months. Fahey says he may look to hire two to three other senior people in high-yield or distressed bank loan sales and trading in the next few weeks. Spillane was formerly a trader at Barclays Capital, which shut down its U.S. high-yield business late last year.