Bear Stearns Keeping High-Yield Analysts Away From New Deals

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

  • 09 Jun 2003
Email a colleague
Request a PDF

Bear Stearns is reportedly barring its high-yield analysts from pitching new deals to investors. The firm is still considering whether to allow investment-grade analysts to pitch new deals. Bear Stearns analysts were conspicuously absent from a two-day high-yield conference the firm held last week in New York City.

Calls to Bear Stearns research officials were referred to Elizabeth Ventura, a spokeswoman for the investment bank. Ventura says the firm wants "to err on the side of caution," in light of the heightened regulatory scrutiny related to analyst communications. She declined to comment on whether analysts were allowed to pitch new deals, or whether the firm's policies were any different with regard to investment-grade or high-yield issues.

A number of rival research chiefs say that Bear Stearns appears excessively cautious. They note that fixed-income research activities were not part of the "global" equity settlement with U.S. regulators reached by 10 firms including Bear Stearns. Still, many of the same research directors who accuse Bear Stearns of going too far would not rule out the possibility that they might adopt similar policies.

UBS Warburg turned heads earlier this year when it divided its fixed-income research group into two units to guard against possible conflicts (BW, 4/14). Dave Shulman, global head of distribution at UBSW, declined to comment on whether the firm would allow analysts to pitch new deals. Rival analysts and investors, however, say UBSW analysts have been pitching deals in recent weeks.

  • 09 Jun 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 23,450.22 64 12.57%
2 Bank of America Merrill Lynch 21,899.30 57 11.74%
3 Wells Fargo Securities 16,244.58 49 8.71%
4 JPMorgan 13,192.69 44 7.07%
5 Credit Suisse 10,691.12 19 5.73%