LONDON - UBS Warburg LLC, the investment banking arm of the Swiss company UBS AG, has hired Matthew Cestar from its rival Credit Suisse First Boston Bank to join its high-yield debt team.
His appointment further beefs up the junk bond and leveraged loan division of UBS Warburg and follows the hiring of four debt staff from Dresdner Kleinwort Benson in May.
Mr. Cestar, who was a vice president in high-yield debt at Credit Suisse, will report to Jeff Lubin, UBS Warburg's European high-yield capital markets head, who was recruited from Deutsche Bank AG in March. Banks are building their teams to win high-yield debt business as companies in Europe borrow record amounts to finance acquisitions. Last year high-yield, or leveraged loans in Europe increased 147 percent, to $91 billion, according to Securities Data Co., a unit of Thomson Financial Services.