Citigroup Inc. named Tyrone Thomas as head of loan sales in North America as issuance of the debt has increased 84 percent this year.
Thomas reports to Ish McLaughlin, U.S. head of flow credit sales, according to Scott Helfman, a spokesman for the New York-based bank.
Citigroup is the sixth largest underwriter of U.S. leveraged loans with a 6.8 percent market share, according to data compiled by Bloomberg. There has been $783.3 billion of leveraged loans raised in the U.S. this year, compared with $426.9 billion during the same period in 2012, the data show.
Loan-trade volume in the second quarter totaled $150 billion, according to a report from the Loan Syndications Trading Association. Of that amount, $143.9 billion were so-called par, or performing, loans and $6.1 billion were distressed loans, according to the report.
Leveraged loans are rated below BBB- by Standard & Poor’s and less than Baa3 at Moody’s Investors Service.