Lehman Brothers is the top Wall Street dealer for liquid markets trading and sales, according to the results of Institutional Investor Research Group's U.S. Fixed-Income Report for 2004. Lehman came in first--ahead of second-place UBS--both when votes were weighted by assets under management and average monthly trading volumes.
In high yield, J.P. Morgan passed Credit Suisse First Boston as the top market maker but CSFB retained its number-one ranking for best overall high-yield sales.
Overall, Lehman receives top billing for investment-grade, government/agency and asset-backed sales. UBS is ranked highest in the structured sales category, which encompasses mortgage-backed securities, and Bear Stearns is regarded as being the top shop for distressed sales.
To see the complete results of the annual study, visit the research group's Web site (www.iiresearchroup.com).
