Credit Suisse combines leveraged and high grade

Credit Suisse has created a new global credit business unit that puts its leveraged finance and investment grade business under one roof. Tim O’Hara, formerly co-head of US leveraged finance, is heading the newly created group and joining the firm’s global securities operating committee. The move is the latest step in the global reorganisation of its securities business as credit markets continue to tighten.

In his new position, O’Hara reports to Mike Ryan, global head of securities who is based in New York. He continues to report to Steve Kantor, co-head of illiquid alternative investments.

Tom Mercein and Steve Oplinger are co-heading credit sales in the Americas. Mercein is responsible for leading and directing the high-grade business. Mercein and Oplinger report to O’Hara and Tony Ehinger.

Steve Feinberg is head of investment grade trading, and he now reports to Phil DeSantis, who will oversee public side trading in the Americas across the credit division. In Rob Kay’s current post as head of Americas syndicate he now reports to Mercein. Tom Newberry adds the role as head of global leveraged finance underwriting to his existing title of head of the global syndicated loan group.

David Miller assumes a newly created position, overseeing the syndication and portfolio management of Credit Suisse’s existing leveraged finance underwriting commitments. He reports directly to O’Hara. CS maintains one of the largest leveraged finance overhangs on the Street. The firm and its peers have been struggling over the past few months to sell off leveraged debt to palatable levels. Progress has been slow.

In Europe, Eraj Shirvani is head of European credit trading and risk management. He will work with DeSantis on a global level. Shirvani manages European credit sales with Tony Ehinger, as well as European high-grade syndicate. The European bond syndicate under John Fleming reports to Shirvani. David Slade remains as head of the European syndicated loan group but also becomes European head of leveraged finance. Slade and Shirvani report to O’Hara.

O’Hara had been co-head of US leveraged finance along with Don Pollard, who earlier this year became head of CS’ new products group within its alternative investments division.

The newly formed group is part of the illiquid alternatives business and takes in the existing credit businesses within alternative investments – including both the leveraged investments group headed by John Popp, and Candlewood Capital Partners, which is managed by Mike Lau. Pollard became co-manager of Candlewood Capital Partners. He now reports to Nicole Arnaboldi and Steve Kantor, co-heads of illiquid alternative investments.

In February, Jim Amine was promoted to co-head of global investment banking and head of the global market solutions group. He is co-head alongside Marc Granetz, who is also global head of M&A. The firm’s shares closed on Thursday at US$50.85, up 6.3% from the US$47.84 close on the previous Friday.