Royal Bank of Scotland Group Plc has hired Stephen Chronert, the former head of high-yield bond and leveraged loan sales in the U.S. at UBS AG, for a similar role at Britain’s biggest government-owned lender.
Chronert will be based in Stamford, Connecticut, reporting to Rich Tang, the head of North America sales and senior relationship management. Ed Canaday, a spokesman for RBS, confirmed the appointment today in an e-mail.
Chronert has more than 25 years of experience in high-yield sales, including roles at Credit Suisse First Boston starting in 1986 and UBS beginning in 1999, according to records maintained by the Financial Industry Regulatory Authority. He left UBS in August after Switzerland’s biggest bank cut its 2011 bonus pool by 40 percent.
RBS is ranked as the 14th most-active manager of speculative-grade bond sales in the U.S. and the 17th-biggest leveraged-loan underwriter, according to data compiled by Bloomberg. Speculative-grade companies have borrowed $235.2 billion in the loan market this year, a record for the period, and junk-bond issuance has reached $106.6 billion in 2013.
“I am looking forward to reuniting with Steve, having previously worked together for seven years at UBS, and enhancing our market position in high-yield debt,” Richard Smith, head of high-yield debt capital markets at RBS, said in a statement.
Leveraged loans and high-yield, high-risk, or junk, bonds are rated below Baa3 by Moody’s Investors Service and lower than BBB- at Standard & Poor’s.