Bank of America sets up new Asia debt management team

“Our Asia strategy is to leverage the superior capabilities of our US and European platforms to deliver strategic advantage to a targeted group of clients,” said Colm McCarthy, president of BoA, Asia. “This team will provide a seamless interface with our global product teams and accelerate the success we’ve had with capital-raising products as well as with more structured solutions such as collateralised debt obligations (CDOs) and structured derivatives.”

In April, BoA was the arranger for Singapore-based United Overseas Bank’s first managed multi-sector synthetic CDO transaction in Asia. Called ‘United Multi Sector CDO I’, the CDO has a notional value of $1 billion and consists of a diversified portfolio of high-grade asset-backed securities and CDO tranches referencing a portfolio of global investment-grade credit default swaps. It involves the issuance of four tranches of six-year credit-linked notes worth $75 million, rated AAA, AA, A and BBB by Standard & Poor’s.

As part of the management reshuffle, John Liles, previously country executive in Australia, has relocated to Singapore to become managing director and head of debt capital raising, Asia. He is responsible for facilitating tighter integration and co-ordination of debt origination across the region and providing issuer clients with more innovative solutions.

Alvin Chua has been named managing director and head of institutional sales, Asia. Based in Hong Kong, he is responsible for building market share with the pan-Asian institutional investor franchise by leveraging the bank’s global product capabilities and managing Asia’s institutional sales force, said the bank. Previously, he was head of high-grade fixed-income sales and trading for Asia.

Meanwhile, Edwin Png and Scott Jung have both been made managing directors, and head of debt markets, Japan and greater China, and head of debt markets, Korea and South Asia, respectively. Png is based in Hong Kong with responsibilities for leading debt market activity in the greater China and Japan markets. Most recently, Png was country executive officer and country treasurer in Taiwan.

Jung has relocated from South Korea, where he was country treasurer, to Singapore and is responsible for debt market activity in Korea and south Asia, including Australia.

All four will report to McCarthy and Arrington Mixon, head of debt, international in London.