Citigroup
Citi's structured credit team has consistently offered new structures such as leveraged super senior trades, and it has also pushed forward with CDOs of synthetic ABS. The firm is also credited with cultivating a market for credit-default swaps on illiquid names.
Deutsche Bank
Deutsche Bank has been at the forefront of structuring developments, working on both leveraged super senior trades and synthetic collateralized debt obligations of asset-backed securities. The firm is also cited for its comprehensive single name trading portfolio.
JPMorgan
JPMorgan has maintained its structuring strength in spite of staff departures, most recently working on a novel capital protected deal. The firm was also heralded by clients for providing a top-class and dedicated service, beyond that of many other players in the market.
Morgan Stanley
Morgan Stanley gained rivals' respect for bringing liquidity to the tranche market. The firm also pioneered credit-default swaps on leveraged loans and is known for aggressive pricing.
UBS
UBS impressed the market this year with its long/short MARS CDO, managed by Cairn Capital. The firm also provides clients with a diverse flow trading portfolio and is highly praised for arranging tailored structures for investors.
