Deutsche Bank Hires Three for U.S. Investment-Grade Credit Team
Deutsche Bank AG (DBK), Germany’s biggest lender, hired three people for its U.S. investment-grade debt group, including an analyst and two traders.
Anthony McCutcheon, an analyst covering technology, media and telecommunications companies, will be joining from HSBC Holdings Plc, according to Renee Calabro, a spokeswoman for the bank in New York. Michael Gorun, who trades bonds of financial companies, will come from Barclays Plc, and Yannis Giovanidis, an index-options trader, joined from UBS AG on April 22, Calabro said in a telephone interview.
Deutsche Bank is the fifth most-active underwriter of investment-grade debt in the U.S. this year, from seventh place last year, according to data compiled by Bloomberg. The notes have returned 2 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.
Issuance from the most creditworthy to the riskiest borrowers has surged to $1.43 trillion this year, topping last year’s $1.41 trillion tally in the same period, 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 was one of the underwriters on that sale along with Goldman Sachs Group Inc.
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