Pegasus Capital

Mark started his career in finance in 1987 when he joined Sumitomo Trust and Banking where he traded Interest Rate Swaps, FRAs, Futures, Deposits and other money market products.

In 1993 he joined the Fixed Income desk of Bank Austria where he constructed and managed Fixed Income structures to provide funding and hedging. Following the merger with CreditAnstalt in 1998 he joined the newly formed Credit Derivatives desk within the Capital Markets group to run the structured business.

In 2001 HVB merged with Bank Austria and Mark was promoted to Director to run the Structured Credit Derivative team responsible for the CDS,CLN and TRS products. With the takeover by Unicredit in 2006 he was promoted to Managing Director running the Global Repackaging and Solutions Business.

In 2009 Mark became a founding partner of Lindisfarne Partners Heading up Structured Advisory, working on a number of Projects and Mandates, with a range of Clients including Banking, Hedge funds and Corporates. In late 2010 he left to create Pegasus Capital LLP.

Since 2009 Mark has advised a variety of borrowers, including real estate, carehome, housing, PFI and leasing companies on a range of derivative and financing related issues.

Graeme started work in the City in 1981 in the Barclays Bank branch network and obtained his first management appointment in 1989 in the Acquisition Finance unit structuring and distributing senior debt for MBO’s in the UK and Germany.

In 1994 Graeme moved to the Loan Syndications team distributing primary and secondary loan transactions with a focus on Leveraged and Project Finance.

On the formation of Barclays Capital in 1997, he moved into Fixed Income sales distributing ABS, FRN and Money Market products.

In 2004 Graeme joined ABN Amro London to focus on Structured Credit and Solutions Sales to Financial Institutions, Asset Managers and Hedge Funds.

In 2009 Graeme became a founding partner of Lindisfarne Partners Heading up Client Solution Sales.

In late 2010 he left to create Pegasus Capital LLP. Since moving into an advisory role in 2009 Graeme has advised a variety of borrowers, including housing, commercial property, PFI and leasing companies on a range of derivative and financing related issues.

Lesley began her career in 1988 in the Barclays Bank branch network and moved to the Loan Syndications team in 1995 to work in the Agency team where she was responsible for the management of over 130 syndicated loans including coordinating changes to the bank syndicate and loan or security documentation.

In 1999 Lesley joined Credit Suisse First Boston as a transaction manager in the Corporate Banking Group. Lesley was responsible for reviewing and commenting on documentation, negotiating and executing loan and security agreements and coordinating the restructuring of transactions.

In 2003 Lesley took a career break to study law and subsequently worked at Norton Rose LLP as a Paralegal and then as a trainee solicitor. In her time at Norton Rose Lesley worked mostly in the Financial Services team where she undertook a variety of different projects including the revision of the Money Laundering Chapter of the OUP Financial Services Law book, drafting and submission of Part IV permission documentation to the FSA, drafting of compliance manuals and visiting firms to review and report on systems and controls. During this time Lesley was also seconded to the supervision department of the FSA where she was involved in ARROW visits, thematic reviews and liaising with the Enforcement division.

Fred has almost 20-years of experience in the Capital Markets in both asset management and investment banking with a focus on UK, EUR and US inflation.

Fred started his financial services career in 1997 when he joined US investment bank DLJ where he worked on early VAR models and valuing structured products such as FX NDFs, convertible asset swaps and options. In 1999 he moved to Barclays Capital to work with the interest rate strategy team, focusing on quantitative modeling and analysis of interest rates and foreign exchange. Fred subsequently took on more responsibility for the broader strategy product with a deeper focus on inflation-linked markets where Barclays was the market leader. As the inflation-linked franchise expanded Fred became more focused on the global inflation product, writing regular strategy notes, the Global Inflation-Linked Monthly as well as the inaugural Guide to Inflation-Linked Bonds, which is still updated and published today. Fred was also a contributing writer to the annual Equity-Gilt study gaining a strong following amongst the global investor and issuer community.

In 2003 Fred joined UBS as head of Global Inflation-Linked Strategy, where he continued to produce inflation-linked research for the global inflation-market whilst working closely with trading and sales to help develop the franchise. In late 2004 he moved into a trading role for US TIPS securities and moved to New York, where he ran market-making for four years before returning to London where he also took on the responsibility for market-making in Euro inflation-linked debt.

Fred joined Hermes Investment Managers, who ran some of the largest segregated inflation-linked mandates in the UK in 2009, as Strategist for the inflation-linked and government bond portfolios where he worked closely on product development with the Portfolio Managers and risk management. In 2012 Fred returned to inflation trading joining Nomura International with a dual mandate to trade cash and derivative global inflation products and to help broaden their position in the inflation markets.

Milko started his financial career at AMRO in 1989 in product development, before transferring to equity derivatives trading.

In 1992 Milko moved to Bankers Trust in London in the Associate Training Programme. This was followed by a position trading and structuring of USD fixed income derivatives in London and New York.

In 1995 Milko joined Credit Suisse Financial Products to trade quanto’s and interest spread options. In 1997 he moved into structuring Credit Derivatives and following the Russian Financial Crisis in 1998 he traded South African Rand Fixed Income Derivatives and Bonds.

In 2000 he joined Morgan Stanley to trade South African Rand Fixed Income and in addition took on the role of Head of Structuring for Emerging Markets in Europe and Africa.

In 2003 Milko moved to Barclays Capital as European Head of Fixed Income Structuring where he developed a new repackage special purpose vehicle (SPV) and designed an innovative derivative contract between the SPV and Barclays. Promoted to Managing Director, Milko’s last role at Barclays was Global Head of Funding Derivatives to achieve Funding through structuring of fixed income transactions with a focus on Accounting, Credit, Balance Sheet and Tax.

From 2011 onwards Milko has been focusing on startups around financial derivatives innovation and in addition has been involved in residential property development together with his wife Louise who is an architectural designer. After finishing a large residential development project Milko joined Pegasus in 2016.

A View from the Bridge - July 2017

The primary driver of the recent rise in UK swap rates has been a more hawkish tilt from certain members of the Bank of England’s monetary policy committee. This has been predicated on more recent inflation outturns coming in above levels anticipated when the BOE last published its quarterly inflation forecasts in early May and that CPI will rise above the 3% level in the coming months before moderating as past effects of foreign exchange rate weakness work their way through the economy.

PegasusCapital - Thu 3rd Aug