May 11, 2018 / 10:34 PM / 10 days ago

MOVES-Barclays hires Citigroup’s Clements, beefs up US CLO platform

May 11 (LPC) - Barclays has hired John Clements from Citigroup as head of US Collateralized Loan Obligation (CLO) origination and syndication, and made two other key hires as it beefs up its capabilities in the CLO space.

Clements, who will be based in New York, will report to Drew Mogavero, head of US credit flow trading at Barclays, a bank spokesperson confirmed. He is slated to start in July.

Barclays is looking to bolster its CLO team, not only bringing on Clements, but also hiring Mike Hopson and Lorraine Medvecky from Natixis to set up a new middle-market CLO platform, the spokesperson confirmed. They are also expected to join in July.

The hires come as US CLO volume is up almost 43% this year through May 8 compared to the same period in 2017, with more than US$43bn of deals raised, according to Thomson Reuters LPC Collateral data. Citigroup is forecasting a record US$140bn of US CLO issuance this year. The funds are the largest buyers of leveraged loans, which companies including retailer Party City and American Airlines rely on for financing.

Clements did not immediately return a message left on his cell phone seeking comment. A Citigroup spokesperson declined to comment.

Barclays was the eighth largest arranger of US CLOs by volume, excluding refinancings and resets, in the first four months of the year, according to LPC Collateral data. Citigroup was the second largest.

Clements has worked at Citigroup for almost 17 years, according to FINRA BrokerCheck.

Clements departure was first reported by Asset-Backed Alert. (Reporting by Kristen Haunss Editing by Michelle Sierra)

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