MOVES: BTG Pactual rehires LatAm syndicate head

miércoles 31 de agosto de 2016 13:42 GYT

By Paul Kilby

NEW YORK, Aug 31 (IFR) - Cynthia Powell is returning to BTG Pactual in her former role as LatAm syndicate head in New York just eight months after the Brazilian bank let her go, a source told IFR on Wednesday.

Powell, who returns to her desk on Thursday, left the bank in January as it struggled to contain the fallout after former CEO Andre Esteves was arrested in a corruption probe.

Since then the management stabilized the investment bank's liquidity position by cutting staff, selling assets and reducing leverage.

Last week, Fitch removed the bank from ratings watch negative and affirmed its long-term foreign rating of BB-.

"We are very excited to have Cindy back," said the source.

"We stabilized the bank, and DCM is one of the core business in investment banking for us - not only in Brazil but the rest of Latin America."

Secondary levels on the bank's bonds reflect the turnaround, with the yields on its 4% 2020s trading around 6.69%, close to 6.75% seen just before Esteves's arrest in late November 2015.

Those yields hit a high of 22.55% on December 9 last year, according to Thomson Reuters data.   Continuación...