A few weeks ago the position of BNP Paribas as one of the leading players in European securitization was in some doubt following Credit Suisse First Boston's swoop for almost its entire structured finance team. But the French bank has fought back recently and has managed to corral around half of the original defectors back into the fold.

At first count, it was believed that somewhere in the region of 20 staff were off to CSFB, including the global head of ABS, Maarten Stegwee, and head of its European syndicate desk, Adrian Carr. Paribas was unable to entice those two away from their new posts, but was more successful with other key members of its team.

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