For love nor money

With most banks having announced bonuses and the headhunters publishing their annual salary surveys, credit derivatives specialists look to be this year’s winners. David Watts looks at the state of the market for credit professionals

If money makes the world go round, then the world of corporate bond market banking must be rotating a little less quickly of late. City headhunters are telling people working in credit research, trading, sales and debt capital markets – originators and syndicators – not to demand guarantees as part of a pay package if they want to move; bonuses are down across the board; and with many banks letting people go, supply of experienced staff is high.

But all is not doom and gloom. In some