Sina US stocks, January 17-according to an internal memo, HSBC Holdings PLCA new syndicated credit unit was set up to handle illiquid bonds and Vinay Raj was appointed to head it in London.

Raj has been appointed global head of illiquid syndicated credit (ICS) and the new team will help borrowers issue illiquid debt securities to end investors. Alexi Chan and Ray Doody, co-heads of global capital markets at HSBC, wrote in a memo that the unit would initially be based in London and planned to expand to Hong Kong and New York.

An HSBC spokesman confirmed the contents of the memo.