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With the secondary market quiet last week, traders already abuzz about Secondary CS First Boston's foray into loan syndications flew into a tizzy upon hearing widespread rumors that Merrill Lynch was establishing a similar loan structuring function.
According to informed sources, Merrill has raided the structured finance and syndications areas at Chemical Bank, reportedly hiring away between three and five bankers to start up a loan desk within the firm's high-yield department.
Market players mentioned three names in particular: managing directors Jack Yang and Harold Siegel and VP Charles Wickham. All have worked on the syndications side at...