(Bloomberg) Royal Bank of Canada hired credit
trader David Kashetta from Nomura Holdings Plc as it expands its
U.S. debt unit, according to two people with knowledge of the
Kashetta, a former Boston College football player, will
join the firm’s New York office in November as a senior trader
focusing the debt of investment-grade energy and utility
companies, said the people, who asked not to be identified
because the move hasn’t been announced. Kashetta didn’t respond
to e-mail messages, while Kaitlin Conetta, a spokeswoman for
RBC, said she couldn’t comment.
Canada’s second-largest lender by assets has been
increasing its brokerage team amid a surge in the volume of
dollar-denominated corporate bonds, a market that’s grown 83
percent since the end of 2008. RBC is the 11th most-active
underwriter of U.S. investment-grade bonds this year, up from
14th in 2012, according to data compiled by Bloomberg.
Kashetta, 33, who had been with Nomura since May 2011,
previously worked at BNP Paribas SA and Bear Stearns Cos.,according to Financial Industry Regulatory Authority records.
Before his career on Wall Street, he played tight end on Boston
College’s football team and subsequently signed with the
Washington Redskins before joining Bear Stearns in 2006,
according to Finra records and the school’s website.
Investment-grade bonds in the U.S. have returned 6 percent
this year following a 1.5 percent loss in 2013, the first annual
decline since 2008, Bank of America Merrill Lynch index data
show. Companies have sold $899 billion of the notes this year,
2.3 percent more than the $878 billion issued in the same period
of 2013, Bloomberg data show.