Midwest Investor Shifts Gears

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

  • 29 Sep 2003
Email a colleague
Request a PDF

Dana Investment Advisors has sold roughly $300 million in intermediate government securities and invested the proceeds into adjustable-rate mortgages, on the view that interest rates are headed higher and ARMs will outperform. Rob Leuty, v.p. and portfolio manager of $1.5 billion in taxable fixed-income in Brookfield, Wis., says the manager's protected intermediate composite fund swapped 20% of its portfolio.

Leuty says he moved that portion out of Treasuries and agencies and replaced it with Fannie Mae- and Freddie Mac-issued ARMs. "Our outlook is flat or up for rates--if we stay flat we outperform on a yield basis, and if rates go up we also will outperform," he explains.

Leuty notes intermediate Treasuries were yielding an average of 2.62% on Sept. 18, while similar ARMs were yielding about 40 basis points more. "We're structuring the portfolio to have a positive advantage whether [rates] go up or sideways," he notes.

The move reduced the firm's allocation to govvies to 33%, with 45% in investment-grade corporates and the 20% allocation to mortgage-backeds. It has only a minimal amount in commercial mortgage-backeds and asset-backeds.

Dana runs money for foundations essentially on a total return basis, although it takes heed of the Lehman Brothers intermediate aggregate and intermediate government/credit indices, according to Leuty.

  • 29 Sep 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%