Michigan Shop Selectively Buys Corps.

  • 22 Jul 2001
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Heber, Fuger, Wendin is shortening its duration while buying selectively into the corporate sector, says Donald Jeffery, portfolio manager with the Bloomfield Hills, Mich.-based asset management firm. Jeffery says the firm's average duration is 1.80 years and he aims to shorten it to 1.40 years. The average maturity of the portfolio is less than three years and new purchases have carried 15- to-18-month maturities. In order to capture additional yield, Jeffery watches current versus historical spreads and hits the areas that seem to trade wider. He likes, for instance, the finance sector, because bonds of finance companies trade wider and offer more room for further tightening. As an example, he cites the purchase--at a 90 basis point spread over treasury--of Ford Motor Credit 6.12% '03 (A2/A). Last Monday, the bonds were trading at a price of 101.78. Jeffery mentions that the firm uses new cash or portfolio rollovers to finance its purchases.

The fund, which totals $3.8 billion, is invested 30% in agencies (debentures), 30% in tax-free bonds, 20% in MBS (agency pools, agency CMOs, PAC CMOs), 10% in treasuries and 10% in corporates. There is no specific benchmark for this portfolio.

  • 22 Jul 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%