Magazine article American Banker

Boston Bank, Awaiting Fed Nod, Is Assembling Junk Bond Team

Magazine article American Banker

Boston Bank, Awaiting Fed Nod, Is Assembling Junk Bond Team

Article excerpt

Bank of Boston Corp., anticipating Federal Reserve approval of its application for securities underwriting powers, has begun assembling a junk bond group.

This week, the banking company named three executives to key posts.

Peter Merrill, an eight-year veteran of Bank of Boston, was appointed managing director of high-yield research. Donald Mykrantz, formerly of Baring Asset Management, was named director of high-yield sales. And Neal Reiner jumped from Bear, Stearns & Co. to become director of high yield capital markets -essentially, a liaison between the investment banking and sales and trading sides of the junk bond group.

They join the fledgling high-yield securities group headed by Steven A. Shenfeld, who came to Bank of Boston in April as managing director. He had been head of global finance sales and trading at Bankers Trust New York Corp.

Another key member of group is David Weinstein, who came over from Chase Manhattan in July as managing director and head of high yield markets. He oversees the capital markets team led by Mr. Reiner.

Bank of Boston, which has $62.4 billion in assets, announced Aug. 27 that it is seeking Fed approval to create a securities underwriting subsidiary, known as a section 20 unit. Approval could come early next year, sources said.

Mr. Shenfeld said that the bank intends to extend its new powers to the midsize domestic corporations it already serves in its lending business. Bank of Boston has traditionally catered to companies with assets of $50 million to $750 million.

As banks expand into securities underwriting, many of them have identified junk bond financing as a prime opportunity. …

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