Frank Will joined HSBC Trinkaus as global head of covered bond research on Tuesday, while Cristina Costa will in early April leave Natixis, where she has been a senior covered bond analyst.

Cristina Costa

Will took up his position in Düsseldorf during Carnival week in Germany, having resigned from Royal Bank of Scotland in London in late November, where he had been head of covered bond research.

Will replaces Johannes Rudolph, who left HSBC Trinkaus to join ING Bank as global head covered bonds in November, a role in which he is responsible for co-ordinating the Dutch banking group’s covered bond investments.

Will reports to Stefan Schilbe, chief economist at HSBC Trinkaus, and has Sebastian von Koss, analyst, working alongside him.

Cristina Costa, senior covered bond analyst at Natixis, will be leaving the French investment bank on 4 April. She has not announced her new employer, but is staying in the covered bond market.

Costa has been at Natixis since 2007. Before that she was from 2003 head of capital markets at the European Mortgage Federation.

Jennifer Lévy, covered bond analyst at Natixis, has been working alongside Costa since May 2010.