hired four Wall Street executives from Paris-based investment bank Natixis SA to build a U.S. collateralized loan obligation platform. The group will create securities for institutional clients backed by a pool of loans, typically non-investment grade debt. Toronto-based Scotiabank has been a significant investor in CLOs for decades and will start originating the structured products later this year.
The major U.S. banks, such as JPMorgan Chase & Co. and Goldman Sachs Group Inc., dominate the CLO market, but a number of smaller investment dealers are significant players in the sector. Natixis ranked 10th among 24 banks for new CLO issuance in 2022, creating US$3.89-billion of securities, according to a study by data service Creditflux Ltd.
The move into CLOs is part of a larger U.S. investment banking expansion strategy. Last year, Scotiabank hired investment bankers to cover U.S. health care, technology, industrial and consumer products companies, and scaled up a division that structures and trades corporate equity derivatives.
Source: News Formal (newsformal.com)
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