Bank of America Corp.’s Merrill Lynch said it hired Rahul Srinivasan and Itay Singer from Credit Suisse Group AG for its European leveraged finance unit in London.
Srinivasan and Singer will help expand the bank’s high-yield debt business in the region, said Toby Ali, who heads the unit. Three executives are also moving from New York to London, he said.
“We’re still significantly smaller than the U.S. in terms of overall market size and I think that there’s still a lot of room to grow both for European and cross-border issuance,” Ali said by phone from New York. “You’re getting a lot more issuance from a lot of different parties, both in the leveraged loan and high-yield market.”
Companies raised 30 billion euros ($40.6 billion) from leveraged loans in the last quarter, compared with 27 billion euros for the same period last year, according to data compiled by Bloomberg. Junk bond issuance surged to a record $110 billion this year as borrowers take advantage of record-low funding costs and investor demand for higher-yielding securities.
David Ross resigned as co-head of Bank of America’s leveraged finance unit in London, a person familiar with the information said yesterday.