Standard Chartered has firmed up the management structure of its global capital markets team as the bank expanded the responsibilities of Kaustubh Kulkarni, Mumbai-based managing director of debt capital markets for South Asia, to include the Indian rupee bond syndicate.
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As the bank seeks fresh opportunities in local currency bonds, the new hire is aimed at developing the Masala bond market, or rupee-denominated offshore debt which emerged as a new funding channel for Indian business, since its first corporate issuance of such instruments in July.
Offshore bond issuances by Indian companies and banks remained tepid in 2016, with the quantum falling more than 50% compared to the volumes seen in the same period last year.
In his new multi-focused role, Mr. Kulkarni will be tasked with underwriting and distribution of onshore rupee bonds in India. He will still report to Jujhar Singh, head of capital markets South Asia and co-head high Yield .
The group has also announced the appointment of Benjamin Olson as associate director in the Americas DCM team. Prior to this job, Benjamin, who will be based in New York, served at the lender's technology, media and telecom coverage team in San Francisco. He will report to Rodrigo Gonzalez, head of DCM Americas.
The influx of senior level new blood at Standard Chartered is set to continue as part of its global restructuring of operations. With the revamp, the firm has been slowly shedding staff and closing non-core businesses such as equity capital markets and project finance.
