Commerzbank Securities has launched an integrated research product, which combines research on credit-default swaps, cash bonds, equities and convertibles. The firm is planning a formal roll out in the fourth quarter, building up this type of research to cover approximately 20-30 companies, said Mark Tinker, head of debt and equity strategy in London. The research will be focused primarily around telecom names since those companies have high levels of debt and will benefit from this analysis, he said. Industrial and auto companies are also good candidates for integrated research. Commerzbank also has an integrated trading team for these asset classes (DW 8/12).
It has become increasingly important for credit and equity investors to be aware of how each instrument is trading as the size of corporate debt has begun to influence how a company's equity trades, Tinker said. The firm issued its first set of combined research on France Telecom.
