RBC Capital Markets hired Ming Tang to its new collateralized loan obligations (CLOs) trading team, a spokesperson with the bank confirmed this week.
A Bloomberg report said that Tang was previously at StormHarbour Securities LP where he traded collateralized debt obligations (CDOs) and CLOs.
Tang will be based in in New York and will report to Allen Fu,
who joined the investment-banking arm of Royal Bank of Canada in October.
That the underlying contract holders prioritize using their smartphones and other mobile devices suggests that they are likely to prioritize payments related to those products.
Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.
Chris Hentemann, whose fund manages $6.2 billion in assets, seeks out B-piece opportunities and foresees banks executing more bulk loan sales and credit-risk transfers.
The current levels of credit enhancement are a reduction from levels of 58.0%, 48.7%, 35.9%, 22.5% and 17% on the classes A, B, C, D and E on the BLAST 2024-1 deal.
First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.
