BNP Paribas Builds Global High Yield Team.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 26, 2000

BNP Paribas today confirmed its commitment to being a dominant player in the global high yield arena with seven new hires in its High Yield Sales, Research and Trading Divisions.

Dave Atkinson was appointed Head of High Yield Sales, based in New York, reporting to Kathryn Swintek, Global Head of BNP Paribas' High Yield Activities. Atkinson brings 16 years of fixed income sales experience to the desk, and joins BNP Paribas from SG Cowen's New York office, where he was Director of High Yield Sales.

Andy Brummer, also from SG Cowen, is a Senior Salesman in High Yield Sales. Previously, Brummer was a high yield securities research analyst at Lehman Brothers and Chase Securities. Brummer brings nine years of high yield experience.

Joining Atkinson and Brummer is Bryan Sanders, who was most recently at Post Advisory Group and prior to this, a salesman in the high yield group at SG Cowen. Sanders will report directly to Dave Atkinson.

BNP Paribas' High Yield Research team, headed up by Sherri Andrews, adds three new hires to join Rich Rolnick, Senior Analyst covering the Telecom Industry, and Barbara Meehan, BNP Paribas' Healthcare and Consumer Products Analyst.

John Maxwell joins as a Senior High Yield Research Analyst from SG Cowen, where he was a Senior high yield analyst covering their leisure, lodging, gaming and theater sectors. Prior to this, Maxwell was a Senior Credit Analyst at Standard & Poor's.

Rod Dunlap has been hired as a Research Analyst covering the Energy Sector. Formerly, Dunlap covered the energy sector as a high yield credit analyst for McDonald Investments.

Greg Klein will be an Associate Research Analyst, supporting the efforts of the research team. He comes from SG Cowen, where he provided research support.

With these hires, BNP Paribas' High Yield research coverage now spans the Telecom, Healthcare, Consumer Products, Textiles, Leisure, Lodging, Gaming and Energy sectors.

BNP Paribas' High Yield Trading Desk, headed by Alan Schlesinger - a 20-year veteran of the market - has also added a new members to its team, Gene Borg, Jr.

Gene Borg, Jr., will complement the High Yield Trading desk as a trader. Borg comes to BNP Paribas from Prudential Securities, where he specialized in trading in the Oil, Gas and Wireless sectors. Borg will be based in New York, reporting to Alan Schlesinger.

"These hires complete the High Yield senior management team," stated Kathryn Swintek, commenting on the firm's push several months ago to build a premier high yield team with the addition of senior staff member, David Weinstein.

David Weinstein joined earlier this year as Head of BNP Paribas' High Yield Origination and Capital Markets Group. Prior to this, he was at Bank of Boston, where he co-founded the firm's High Yield department.

"We are utilizing our extensive knowledge of the European marketplace, and our leading position as a global player in leveraged finance and fixed income, to expand our product base," stated Swintek. "High yield is a natural extension of our existing strengths and global distribution channels."

The firm plans to make additional hires over the coming months to staff its London- and New York-based high yield activities.

BNP Paribas has offices in 83 countries, a staff of over 77,000 employees, and operates in the world's seven largest financial centers. BNP Paribas is divided into six core businesses: corporate and investment banking; domestic retail banking; international retail banking; specialized financial services; private banking, asset management, securities services, insurance and real estate; and Paribas Capital.

With assets of almost 700 billion Euro as of December 31, 1999, BNP Paribas is one of the world's largest financial institutions.