PNC Capital Gets High Yield Pair


Just a few weeks after hiring David Unger as a managing director of high yield finance, PNC Capital Markets announced last week that it had further fortified its junk bond ranks by signing on market veterans J. Scott Holmes and Andrew Einhorn.

Given the title of managing director, Holmes will join Unger as co-head of high yield finance. The two will be responsible for leading all aspects of PNC's high yield debt origination business. They plan to hire several other high yield bankers as well.

Prior to the move, Holmes was a general partner with Veridian Capital in the private equity group. He has also served as a principal with NationsBanc Montgomery Securities and utilized his Harvard University law degree at Riordan & McKinzie and Sullivan & Cromwell.

Einhorn, on the other hand, makes the shift from within PNC where he recently specialized in non-investment-grade debt and equity as a managing director in the bank's private placement group. Previously, Einhorn worked at Chase Securities where he worked on mezzanine placements, leveraged finance and structured transactions.

Both Holmes and Einhorn will report directly to Timothy Gigliotti, head of high yield securities at PNC.

Based in Pittsburgh, PNC focuses on middle-market growth companies. According to a prepared statement, the company's high yield unit has completed 15 transactions totaling $5.6 billion since its inception in 1998.