SGCIB is on the hunt for finance executives as it looks to expand its high yield finance business in Europe over the coming months, focusing on the areas of media telecoms and leveraged finance. The high yield market in Europe hit a record high in 2003 at a value of ?16.3 billion and given monetary policy across the EU, declining default rates and a slowdown in the deterioration of credit quality, the prospects for 2004 are looking just as good.
Marc Breillout, global head of SGCIB's debt finance division, comments: ?As demand for high yield financing increases in Europe, it has become of strategic importance that SGCIB continues to extend its product offer to include high yield in the region.?
The high yield team will be based in London and integrated into the fixed income platform. Neil Parekh, SGCIB's global head of high yield based in New York, has ultimate responsibility for European operations.