RBC Capital Markets further expands U.S. agency platform
NEW YORK, March 26, 2007 — RBC Capital Markets
today announced the further expansion of its U.S. fixed income
operations with the hiring of two senior people in its Agency
business. Ryan Fennelly joins as RBC's senior bullet agency
trader and Devin Dangler will spearhead derivatives sales
coverage for the U.S. Agencies and Supranationals.
As part of RBC Capital Markets' efforts to better align its
bond trading, mortgage trading and Government-Sponsored Enterprises
(GSE) derivatives trading platforms, the firm also announced
that Aaron Kennon has been appointed senior relationship manager
for U.S. Agencies. Kennon will focus on Agency relationships
and on developing synergies between these three areas. As
well, Paul Klinger will relocate to New York from Memphis
and continue in his role as the firm's U.S. Agency callable
new issue trader.
Fennelly was most recently with Credit Suisse, where he was
head Agency bullet trader. Prior to that, he was an Agency
trader for Merrill Lynch. Dangler joins RBC Capital Markets
after more than six years at HSBC, where he most recently
co-led coverage for all derivative transactions for the Federal
Home Loan Bank System.
"We have made extraordinary progress in our work with
GSE's in the past couple of years, and these initiatives will
help to solidify and expand those relationships," said
Jonathan Hunter, Global Head of Fixed Income Products for
RBC Capital Markets. "We are focused on continuing to
expand our USD product offerings for our fixed income clients.
This initiative is moving in tandem with our commitment to
strengthening RBC's mortgage platform."
In December, RBC Capital Markets was approved as a registered
Real Estate Mortgage Investment Conduit (REMIC) dealer by
Fannie Mae, Freddie Mac and Ginnie Mae. This placed the firm
among a select group of 20 dealers globally that are approved
to provide this product. Subsequently, the firm last month
settled its first REMIC transaction with Fannie Mae as the
sole dealer on a $417 million deal. The REMIC designation
allows RBC to create and issue its own conduits and take part
in the Reference REMIC and Benchmark REMIC programs.
"We believe that our integrated Agency Trading, Derivatives
and Mortgages strategies will provide more synergies and better
value to our clients - both domestically and internationally,"
Hunter said.
About RBC Capital Markets Global Fixed Income
RBC Capital Markets is the corporate and investment banking
arm of RBC. As the 14th largest debt underwriter globally,
RBC Capital Markets' global fixed income business serves over
6,000 active investors and issuers through 50 offices in 10
countries. It is a leader in project and infrastructure finance,
Sterling, and non-core dollar markets, with a growing presence
in Euros and US dollars, and the leader in U.S. Negotiated
Municipal bonds and Canadian dollars. Trading hubs in London,
New York, Sydney, Tokyo, Chicago and Toronto provide 24-hour
pricing. RBC is ranked #1 in both the Maple bond and Kangaroo
bond markets. The firm has dedicated research teams for high-yield,
emerging market and investment grade bonds in the U.S., Canada
and Europe.
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For more information, please contact:
Kevin Foster, RBC Capital Markets, (212) 428-6902, kevin.foster@rbccm.com
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