Tan also plans further expansion into leveraged, high-yield and hybrid deals; the kind of business that still pays good fees. Indeed, it was the promise of being able to exploit such opportunities that attracted Tan to the position.
ôCalyon is more entrepreneurial,ö says Tan, who has worked in Hong Kong since 1988, including stints at JPMorgan, Citibank and Standard Chartered, as well as HSBC. ôI think they were looking for someone who can roll up their sleeves, which is great because it gives me the room to build up my strategy, my team.ö
The core of that strategy is the expansion into new areas though he accepts that, while leveraged deals may pay the fees, it is an increasingly competitive market. ôThere are a lot of new things in the market, things we haven't seen much of before,ö says Tan. ôI think that's being driven by the optimism in the market. All the firms seem confident that Asia is going to be the next leveraged finance hot spot.ö
Tan will also continue to drive the bankÆs business in securitisation, an area of traditional strength, focusing on two important markets: South Korea and Taiwan. For investment-grade bonds he expects to be bidding for mandates from ôthe usual suspectsö in Hong Kong and South Korea.
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