Deutsche Bank AG (DBK) promoted Jeanie Genirs to head of global risk syndicate in the Americas, a role that oversees new debt sales underwritten by the bank.
Genirs will be assuming the role from Nigel Cree after a 10-year career at Germany’s biggest lender, including acting as head of its U.S. agency-debt trading desk, according to an internal Deutsche Bank memo, the contents of which were confirmed by Mayura Hooper, a bank spokeswoman. Cree is taking a leave of absence and plans to relocate to London for a new role at the bank, the memo said.
Deutsche Bank is the second-most-active underwriter of corporate bonds globally this year, up from fourth place last year, according to data compiled by Bloomberg. The notes have returned 2.5 percent this year, according to Bank of America Merrill Lynch index data, as the Federal Reserve holds benchmark borrowing costs at about zero for a fifth year, spurring investors to buy riskier assets.
The risk-syndicate position encompasses new sales of sovereign, emerging-market and investment-grade corporate bonds.
Issuance from the most creditworthy to the riskiest borrowers has surged to $1.46 trillion this year, topping $1.43 trillion in the similar period last year, Bloomberg data show. Apple Inc. (APPL), the largest U.S. maker of smartphones, sold $17 billion of bonds on April 30 in the biggest U.S. corporate offering on record. Deutsche Bank and Goldman Sachs Group Inc. underwrote that issue.
JPMorgan Chase & Co. is the leading debt underwriter this year.
To contact the editor responsible for this story: Alan Goldstein at email@example.com