Former UBS credit trader Michael Rudd has joined RBC Capital Markets as a director of its fixed income platform in New York, RBC announced on Wednesday.

Michael Rudd

Rudd will work closely with Catherine Chere, a credit trader in London. RBC said this will better enable it to provide clients with the ability to trade covered bonds and Yankee banks.

In January RBC hired Ben Colice as head of covered bonds origination from Barclays Capital.

“Currently, we have the right number of people in place given the size of the market,” Mike Meyer, head of US credit, RBC Capital Markets, told The Covered Bond Report, “and we’ll be in a good place to add more people if needed. We’re positioned well to grow the business.

“We think the market is going to continue to grow in Canada and Europe and though there are still some questions around US and Australian markets, we are optimistic about growth there as well.”

There has been ample US dollar covered bond issuance out of Canada, added Meyer.

“If US legislation passes, we would be in a very good place,” he said.