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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bill Barrett Corp. (delisted) | NYSE:BBG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 4.84 | 0.00 | 01:00:00 |
By Katy Burne
BNP Paribas SA has cut a group of junk-bond salesmen in the U.S., including team head Kevin Cook, according to people familiar with the matter.
The cuts were made Thursday, the people said, the same day the French bank shook up its investment-banking division and a created a new global-markets team.
Eight individuals were let go, one of the people said, adding that the bank will continue to sell and trade the securities.
High-yield or "junk" bonds are issued by borrowers rated below investment grade. The departures were first reported by Bloomberg LP.
The shifts at BNP underscore how some banks are de-emphasizing some businesses in response to new capital and trading rules, in many cases reallocating resources elsewhere.
The French bank wasn't among the biggest players in the in North American junk-bond market.
"For a hot market it's surprising," said Kevin McPartland, head of market-structure research at Greenwich Associates.
High-yield bond funds have attracted a wave of cash in recent years, as investors searched for income-producing securities in today's low-interest-rate environment. But some analysts have pointed to recent gyrations in prices and the expectation of higher interest rates ahead, saying sentiment could quickly change.
The average price of U.S. high-yield corporate bonds has fallen to 101.03 cents as of Nov. 19 from 104.43 cents as of late August, according to an index run by Bank of America Merrill Lynch.
In the week ended Nov. 19, investors withdrew $281 million from U.S. high-yield bond funds, according to fund tracker Lipper, their first outflow since mid-October. Loan funds in the latest week saw $374 million of outflows.
BNP added Mr. Cook to its U.S. high-yield team in November 2012. He came from the high-yield sales desk at Citadel Securities. The bank also added Citadel's Jack Gill and Chris Savinelli as managing director and director, respectively, reporting to Mr. Cook.
Write to Katy Burne at katy.burne@wsj.com
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