LONDON, Oct 17 (IFR) - Credit Suisse has waved goodbye to two covered bond traders as it restructures its coverage of the product, according to market sources.
Abraham Sierra, the Swiss investment bank's head of covered bond and SSA trading, and Markus Binninger, senior covered bond trader, left the bank last week, according to sources. Both were based in Frankfurt.
Meanwhile, London-based traders Shailen Pau and Dan Enderli will drop covered bonds from their area of coverage and focus on SSA.
Covered bond trading has passed onto Lefteris Kyriacou and Marc Evans, who will trade the product in all currencies in fixed-rate format and report to Chris Orr, co-head of European investment-grade credit trading. Jonathan Eyles will continue to trade covered bonds floating-rate notes. (Reporting by Aimee Donnellan; Editing by Philip Wright)