Investment banking: BBVA establishes a structured credit business
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Investment banking: BBVA establishes a structured credit business

Lorenzo Isla has been appointed head of the structured credit business at BBVA

Lorenzo Isla: appointed head of the structured credit business at BBVA


Lorenzo Isla has been appointed head of the structured credit business at BBVA. Based in Spain, Isla will build out a business that will structure, invest in and distribute structured credit risk. Isla worked for Barclays Capital for the past three years where he was head of the structured credit research team. He starts at the end of August and will work from Barcelona and Madrid.

He reports to Justo de Rufino, who is global head of origination and credit trading for BBVA. BBVA already has a small structuring team in place but Isla will likely build that out.

The business model of a bank like BBVA in structured credit is, by necessity, different to that of larger institutions with established structured credit franchises. The Spanish bank will work in partnership with the global banks to distribute risk into Latin America and Spain.

Not many banks have senior structured credit analysts still in place. This reflects the market’s appetite for people with in-depth knowledge.

Other experienced analysts to have recently moved into the business include Viktor Hjort at Morgan Stanley, who is now in leveraged loan trading, while at Citi Olivier Reynault is now a structurer.

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