Penn Investor Eyes Tyco, WorldCom, MBS

  • 17 Feb 2002
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Stone Ridge Investment Partners is looking to swap out of AOL Time Warner 6.125% notes of '06 (Baa1/BBB+) and into Tyco International as investors in the latter credit have become nervous over Enron-related accounting issues. David Killian, portfolio manager of $175 million in taxable fixed-income, believes the Tyco worries are overdone. Once the firm provides more clarity on its proposed reorganization, Stone Ridge will look to add 1-2% of its portfolio, or $1.75-3.5 million, in Tyco bonds, and possibly WorldCom. The AOL bonds have not widened materially over the last two months, while the Tyco 6.375% notes of '06 have widened some 165 basis points in the last two weeks. Last Tuesday, they were bid at 90.5.

Stone Ridge will also shift 5%, or $9 million, to 15-year pass-throughs in what Killian believes is a rising interest rate environment. Killian says the firm will buy discount, current, and premium coupons in concert with their weightings in the Lehman Brothers Aggregate index.

The Malvern, Pa., firm allocates 53% of its assets to corporates, 35% to mortgage-backed securities, 11% to Treasuries, and 1% to asset-backed securities. At a duration of 4.2 years, it is slightly short the 4.5-year Lehman aggregate.

  • 17 Feb 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 346,069.71 1350 8.09%
2 JPMorgan 342,066.65 1471 7.99%
3 Bank of America Merrill Lynch 307,117.30 1065 7.18%
4 Barclays 258,537.34 976 6.04%
5 Goldman Sachs 227,890.51 774 5.33%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 48,411.81 205 6.53%
2 JPMorgan 46,311.15 105 6.25%
3 UniCredit 40,595.43 182 5.48%
4 SG Corporate & Investment Banking 38,348.83 146 5.17%
5 Credit Agricole CIB 38,097.35 189 5.14%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,514.87 63 9.19%
2 Goldman Sachs 13,469.15 66 8.53%
3 Citi 9,971.36 58 6.32%
4 Morgan Stanley 8,572.10 54 5.43%
5 UBS 8,414.70 37 5.33%