HSBC Securities has hired structurers Cyrus Mohebbi and Dan Costin from ABN AMRO.
It's expected that several other hires will follow shortly, as HSBC establishes its term business.
Up until now, HSBC has been slow and steady in building the team, which is run by Jon Bottorf. The firm's most symbolic move, perhaps, was hiring Michael Normile, a 20-year ABS banking veteran, at the turn of the year.
Ironically, both Mohebbi and Costin had joined ABN from Prudential Securities last year as part of the ABN's effort to ramp up its asset-backed term business.