Bloomberg News

Deutsche Bank Hires Three for U.S. Investment-Grade Credit Team

May 02, 2013

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:US), 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.

To contact the reporter on this story: Lisa Abramowicz in New York at labramowicz@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net


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