BNY Considers Corps

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  • 24 Nov 2003
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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 28,736.25 82 9.49%
2 JPMorgan 26,609.28 77 8.79%
3 Barclays 19,197.35 50 6.34%
4 HSBC 18,884.90 60 6.24%
5 BNP Paribas 18,849.94 38 6.23%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 9,498.80 2 86.78%
2 Swedbank 160.81 1 1.47%
2 Sumitomo Mitsui Financial Group 160.81 1 1.47%
2 SEB 160.81 1 1.47%
2 Nordea 160.81 1 1.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 ING 220.22 2 15.39%
1 Bank of America Merrill Lynch 220.22 2 15.39%
1 ABN AMRO Bank 220.22 2 15.39%
4 Morgan Stanley 114.77 1 8.02%
4 BNP Paribas 114.77 1 8.02%