Bank of Boston names Steven Shenfeld as managing director for New High Yield Sales, Trading and Research Group.

BOSTON--(BUSINESS WIRE)--April 9, 1996--Bank of Boston Corporation today continued to expand its capital market reach by announcing the appointment of Steven Shenfeld as Managing Director and Head of its newly formed High Yield Sales, Trading and Research Group (HYSTAR). He will report to Rusty Aertsen, Group Executive and Head of Global Capital Markets, and Brad Warner, Group Executive and Head of Global Treasury.

Prior to joining Bank of Boston, Shenfeld had spent five years at Bankers Trust where he was Managing Director, Partner and Head of Global Finance Sales and Trading. There he ran Banker's Trust's high yield sales and trading group and managed the firm's global activities in high yield derivatives, distressed debt, asset swaps, investment grade bonds, and private placements. From 1988 to 1991, Shenfeld was a VP and senior trader in Donaldson, Lufkin & Jenrette, Inc. Prior to this position, he worked as a VP in Salomon Brothers' high yield group from 1983 to 1988.

The U.S. high yield market consists of over $250 billion in outstanding securities with more than $43 billion in securities issued in 1995 alone. Bank of Boston's clients, including those in specialized industries such as media, transportation, high technology and environmental services, are active issuers in this market. The formation of HYSTAR enhances the Corporation's ability to offer these clients capital-raising solutions beyond lending. The new high yield group will add significantly to the capital markets capabilities resident within the bank's Corporate Finance, Emerging Markets Sales, Trading and Research, Fixed Income Sales and Trading, and Emerging Markets Investment Banking groups. Together, these groups will form the core of Bank of Boston Corporation's planned Section 20 subsidiary.

"It was strategically important that Steve start this effort. We wanted to do it right and hire someone with experience in building a successful high yield business. Steve's experience in the market and stature in the industry make him the ideal candidate for this venture. Together, with our growing capabilities in the loan and private placement markets, HYSTAR fits our strategy of providing one-stop shopping to our non-investment grade clients in the U.S.," said Charles K. Gifford, Bank of Boston's Chairman.

"In addition to providing solutions to issuers, HYSTAR complements our strengths in emerging markets sales and trading thereby offering global investors seamless delivery of high yield products regardless of national boundaries," said Rusty Aertsen. Outside of the U.S., Bank of Boston's global banking activities are centered on the emerging markets of Latin America and Asia.

"Steve's immediate focus will be to manage the bank's portfolio of high yield bonds. He will build a high yield group consisting of the best client focused sales, trading and research professionals in the business," said Brad Warner.

"I am looking forward to the challenge of developing Bank of Boston's High Yield Group," Shenfeld said. "The bank's superb corporate client network and strong capital position, combined with its strengths in emerging markets, will allow us to better serve issuers and investors worldwide."

Shenfeld received his M.B.A. from the University of Michigan in 1983 and his B.A. in arts and economics from Tufts University in 1981.

Bank of Boston Corporation (NYSE:BKB), with assets of $47.4 billion as of December 31, 1995, is a focused financial institution engaged primarily in financing selected corporations and individuals nationally and internationally. New England's only global bank, the Corporation and its subsidiaries operate through a network of 500 offices in the U.S. and through more than 100 offices in 22 countries in Latin America Europe and Asia, the third largest overseas network of any bank. The Corporation's common and preferred stocks are listed on the New York and Boston stock exchanges.

CONTACT: Edward J. Russell

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