BNY Considers Corps

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

  • 24 Nov 2003
Email a colleague
Request a PDF

The Bank of New York Trust is considering adding to its already overweight position in investment-grade corporates, across all maturities, on the belief that an improving economy will have a beneficial impact on corporate bond performance. Margo Cook, portfolio manager of $5 billion in taxable fixed income for a bank portfolio, currently allocates 28% to corporate bonds. Cook is moderately bullish on the economy and says improving cash flows and balance sheets, combined with a decline in leveraging, are helping to improve the outlook for corporate bonds. "It is a very good environment for credit looking out over the next 12 to 36 months," she says.

Cook declined to name specific credits she would add, or say how her outlook might affect the portfolio's exposure to corporates. The portfolio is run predominantly against the Lehman Brothers Aggregate Bond Index, which has 26% in corporates. Elsewhere, the bank is underweight in government bonds and overweight mortgage-backed securities. It has 20% in govvies, compared to the index's 34%, and 35% in MBS, compared to 40% in the benchmark. The Bank of New York is overweight to asset-backed securities, with nearly 10% in the sector, versus less than 2% in the index. The portfolio is 5% short the index's roughly 4.5-year duration.

  • 24 Nov 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 301,728.92 1170 8.05%
2 JPMorgan 294,792.92 1287 7.86%
3 Bank of America Merrill Lynch 277,049.56 932 7.39%
4 Barclays 229,666.94 852 6.13%
5 Goldman Sachs 204,014.81 670 5.44%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 43,227.81 174 7.06%
2 JPMorgan 38,825.76 78 6.34%
3 Credit Agricole CIB 33,071.14 158 5.40%
4 UniCredit 32,342.86 144 5.28%
5 SG Corporate & Investment Banking 31,330.98 120 5.12%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,022.65 55 9.04%
2 Goldman Sachs 12,059.06 58 8.37%
3 Citi 9,451.48 53 6.56%
4 Morgan Stanley 8,054.41 48 5.59%
5 UBS 7,829.15 30 5.44%