CIBC ramped up its presence in the booming corporate bond market by hiring Merrill Lynch Canada's top fixed income financier as its new head of debt capital markets.
Susan Rimmer is joining the investment banking arm of CIBC after an impressive run of global deals at Banc of America Securities/Merrill Lynch. On Ms. Rimmer's watch as head of debt capital markets, the Wall Street firm led recent global bond sales for Potash Corp., EnCana and a number of government entities. She is also an expert in what's known as Maple bonds, which see foreign companies raise debt denominated in Canada dollars.
This is the latest in a string of hires at CIBC under new CEO Richard Nesbit, who is attempting to build a dealer that delivers steady profits for shareholders, with far fewer surprises in the form of deals gone sour. Ms. Rimmer's predecessor as head of debt capital markets is now a rain-making, client-focused vice-chairman at the dealer.
This is also the latest in a string of departures from Merrill Lynch, which is in the midst of a jarring merger with Bank of Amderica.
Among the more notable departures, former head of Canadian equities Pat Burke moved to Scotia Capital earlier this year, and head of research Glen Campbell went to the same dealer on Friday.