Credit Trading

Investment Grade Corporates

The Investment Grade Corporates business unit originates, syndicates, underwrites and trades investment grade domestic corporate and sovereign debt. In addition, the group trades short-term securities such as floating rate notes, both US and European commercial paper and non-convertible preferred stock. Local offices for this product group reside in New York, London and Tokyo. The products traded include Agencies, Medium Term Notes, Bank and Finance, Preferred Stocks, Commercial Paper, Projects/Slobs, Floaters, Utilities, Industrials, Yankees, and Eurobonds.

Credit Derivatives

The Developed Market Credit Derivatives Group trades and structures credit derivatives on Investment Grade and High Yield credits. The group is a leading dealer in both flow and structured products, helping to provide credit-hedging solutions to our clients. The group has an active and broad flow business which trades single-name credit default swaps (CDS) on over 800 individual credits, credit linked notes and index swaps. The structured business includes portfolio transactions, synthetic CDOs, structured notes and repackaged credit assets. The group has also been a leader in working with other parts of the credit cluster to provide derivative solutions, including several synthetic asset securitizations. The main trading centers are New York, London, and Hong Kong.