CreditAwards

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Cash and derivatives Cash and derivatives

It’s hard to argue against JPMorgan’s dominance of the European credit mar-kets. the bank was voted best credit house, best liquidity provider, best high-yield house, and best at credit derivatives and structured credit. It also won a host of research and strategy awards.

that’s no coincidence, says European head of credit trading, Guy America. these strands of the market are now so interlinked that you have to be good at all of them to be a successful credit house. “For structured credit, you need to make sure you know what’s going on in single-names; how the leveraged loan market affects structured credit; how the demand for CLOs affects high yield. Investors want to speak to someone who

can see all these links,” he says.Does that mean only the biggest credit

houses will survive? “It’s harder to join up the dots if you’re not big,” says Amer-ica. But those at the top shouldn’t have a false sense of security; the competition is waiting on the sidelines, he says.

As the credit cycle turns, JPMorgan plans to maintain its position by retain-ing experienced veteran staff. “the skill-set on the desk needs to include people who haven’t had their whole career in a bull market,” says America. the bank will also become more choosy about which clients get to see their liquidity. “We’ll make it clear what we expect when we show liquidity to them – as they will to us,” he says.

InvEstOrs rewarded rBs for build-ing its European bond business over the past couple of years with a first-time award for high-grade credit. “Histori-cally we have been a sterling bank, but from 2005 we’ve been making a sub-stantial investment into our European business,” says richard Bartlett, head of corporate debt capital markets.

the focus is now to plug the last gaps in coverage. “We’re the bank with the most momentum,” adds roland Hinterkoerner, head of the European corporate business. “We broke the top 10 for euro corporate bonds just two years ago.”

Liquidity plays a major role in the bank’s strategy for bond trading, so it’s no surprise the bank has also won the award for best liquidity provider in sterling corporate bonds. “Liquid-ity is an add-on to issuance,” says Paul Hawkins, sterling corporate bond trader. “We win mandates by being a good liquidity provider, and investors demand their business be supported by ongoing liquidity provision.”

He says rBs sets itself apart by its staying power in turbulent markets, and by offering liquid markets in large size. “It’s easy to quote £1 million or £2 million but investors need to have someone they can rely on for size.”

Deutsche Bank takes distressed debt title

DEutsCHE Bank’s mighty distressed debt group held off competition in the distressed category – although its lead over rivals has narrowed marginally.

Global head of distressed debt, Martin Dent, says the bank’s critical mass has been crucial to its success. regional dif-ferences in restructuring processes mean a bank needs to have a large team to cover every jurisdiction. “You need a German team for Germany, a French team for France,” he says. “You have to have a team of natives for each local market.”

Currently distressed is a “tricky” market, he says. “there’s not much sup-

ply and companies require more than just financial restructuring now: they often require operational restructuring, which makes it far more labour inten-sive.” that’s because in previous cycles, companies became distressed with big leveraged capital structures. now, more companies go into difficulties because of sector fundamentals.

the key question is when the turn of the credit cycle will jump-start the dis-tressed market back into life. Dent thinks that’s at least a year or two away. “While there are a lot of new leveraged deals being done at the moment, they are gen-

erally of pretty good quality, so it will be a year or two before we see any real problems,” he says. He believes credit markets are more sophis-ticated than they were in the last

credit crunch, and more disciplined. “While leveraged multiples are at all-time highs, the underlying deals are performing very well.”

RBS reaps rewards of European investment

Martin Dent, Deutsche Bank

“The skill-set on the desk needs to include people who haven’t had their whole career in a bull market”Guy America, JPMorgan

JPMorgan voted best credit house in Europe

ExtEnt of coverage and innovative structures helped royal Bank of scotland hold on to its top ranking for securitisa-

tion in the European awards. It did 39 public deals last year in seven coun-tries – Germany, Ireland, Italy, the

netherlands, Por-tugal, spain and the

uK – and expects to complete some 50 deals this year.

It also worked on some of the most

innovative deals of the year, such as the securitisation of uK football club Arse-nal’s new stadium, and a transaction to fund two uK universities via an Ambac-wrapped vehicle called uniFund.

But it’s the continuous coverage that rBs says is a big hit with investors. “We’ve had deals in the market every week for the past 12 months,” says richard Bartlett, head of corporate debt capital markets at the bank in London. “We’re unique amongst our peers for continuously supplying ABs.”

this is critical for investors who want to work with banks on a wide range of transactions, says Damian thompson, head of real estate securitisation. “It’s a virtuous circle you build as you go up the league table.”

Liquidity and research are also key to the bank’s ABs franchise, says Mark Hickey, head of financial institutions debt capital markets. “Investors like having knowledgeable research analysts to talk to as well as salespeople, and our analysts are very visible in the inves-tor community,” he says. the bank’s ABs research team is not the largest in the market. But, “investors don’t want comment on every deal that comes to market,” says Hickey. “We choose to focus on value-added research.”

Looking ahead, rBs sees a rosy future for ABs. securitisations of sME corpo-rate loan assets and real estate will be the hotspots, they reckon. In particular the huge activity seen around corporate real estate will continue, says thompson.

RBS holds lead in securitisation

Hedge funds rate Goldman top for credit derivatives

HEDGE funds ranked Goldman sachs the best bank for credit deriva-tives and structured credit products in Europe, a result the bank ascribes to its cross-product cov-erage, strength in prime brokerage and historical relationship with this cli-ent group.

“We don’t believe in segmented areas between markets,” says simon Morris, head of European credit trading. “As such, we think very similarly to our hedge fund clients. If we want to take exposure to xYZ corporate, we’re agnostic about whether we go long or short through volatility, equities, CDs or bonds.”

Credit and equities are integrated into one securities division and this helps sales dealers look across products in the same way hedge funds do. “this means we look at every customer from a holistic viewpoint,” says Dimitrios Kav-vathas, head of European credit hedge fund sales and high-yield sales.

One example is zero-coupon equity. “When the structured credit market

was in distress two years ago we approached cus-tomers across the asset divide. the major players on this were not credit players – they were macro accounts.”

Its prime brokerage is the biggest in the business, and Goldman was one of the first to add credit derivatives to its platform. this year it extended into

structured credit portfolios. Part of the bank’s strong relationship

with hedge funds stems from its strat-egy to help hedge funds when they are starting out. the bank publishes the Goldman sachs Black Book: an A to Z of setting up a hedge fund. “Helping to set up their business is the best way of getting close to these customers,” says Morris. the link between Goldman and hedge funds is also a natural link to forge: many hedge funds in this space are seeded by Goldman capital, or staff – and often both. “We have a very strong rela-tionship with hedge funds: either they’re former employees or we’ve helped them set up their business,” says Morris.

Simon Morris, Goldman Sachs

JPMOrGAn believes its breadth of coverage ensured victory in the structured credit category. “We have the broadest platform and that gives every investor reason to speak to us,” says Kathy sutherland, global head of structured credit product management and syndicate.

Innovation is important, but new products have to evolve for the right reasons, she says. One example is the bank’s response to the emergence of CPDOs. ABn Amro issued the first CPDO in August; JPMorgan added to the structure with a managed deal with Cairn Capital in May. the bank had polled investors, asking them what might enhance the CPDO concept, and 60% said adding a manager would be valuable. Another deal the bank is proud of is a e900m CLO – the largest so far in Europe – managed by Alcentra.

the real challenge for structur-ers now will be total return, she says. As corporate balance sheets become stressed, “even if you avoid default, it’s about managing out of a stressed credit in the right way. Managers will have to focus on total return.”

JPMorgan’s breadth scoops structured credit award

Damian Thompson, RBS

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ServicesResearch and strategyMarketAxess scoops e-trading awards

FOr MarketAxess, winner of the best multi-dealer trading platforms for cor-porate bonds and credit default swaps in the us and Europe, success is down to tried and tested products. “the bid and offer list technology that we rolled out in 2002, which gives investors access to executable prices for multiple transac-tions simultaneously, remains a key part of our offering to clients,” says CEO rick Mcvey in new York.

But it’s crucial that the platform also appeals to the sell side. “On the dealer side, our electronic network allows them to broaden their distribution to the wid-est pool of investors, and drive the cost of manual trading down in flow credit,” he says.

MarketAxess launched its CDs trading platform in 2005, and the firm reports

a “steady increase” in market acceptance for CDs e-trading, although it declined to give volumes. the firm approaches this market with a three-pronged strat-egy focusing on technology, connectivity and market protocols. “Our CDs sin-gle-name list technology is at the core of our CDs trading platform,” says Mar-ketAxess president Kelley Millet. “It is relatively complex, but saves investors and dealers time and money in identify-ing the best executable prices.”

Millet is confident that MarketAxess will continue to drive adoption of e-trading in what he expects to be a robust market for CDs. “It is vital for us to balance the interests of dealers who are anxious to protect margins with e-trading, and clients who are looking for the deepest pool of dealer liquidity.”

PrOvIDInG the right data for differ-ent investors secured Lehman Brothers the award for best index provider on both sides of the Atlantic. traditional investors who still reference credit gov-ernment issues are supported, as are the growing number of accounts moving over to credit. In addition to 90% of us institutional investors, a majority of big European accounts and a growing number based in the Asia-Pacific region use Lehman’s fixed-income indices.

“A key advantage to using our indices is the supplementary technology plat-form – called Portfolio and Index tool, or Point – which gives investors access to index data and allows them to compare their portfolios versus this index,” says ravi Mattu, global head of fixed-income and equity research in new York.

Lehman’s indices win

MArKIt was voted best operational support provider, winning plaudits for its indices management and reference data, as well as its role in the inaugu-ral credit event auctions. In growing markets such as the firm’s ABx indices, its reference cashflow database (rCD), which calculates cashflows on all ABCDs transactions, is seen as crucial.

Kevin Gould, the new York-based global head of data and analytics, attributes the award to Markit’s vis-ibility through services such as the credit event fixings it runs jointly with Creditex, but he believes Markit is best known for its independent valuations for OtC derivatives. Another huge growth area has been trade processing.

Markit Group tops for ops Q-Wixx is innovation of the year

InnOvAtIOn is an over-used word in the credit markets. It’s applied indiscriminately to new products, new structures and new business processes. But for the dramatic improvements it’s likely to bring to the credit deriva-tives market, Q-Wixx really has earned its title as innovation of the year in this year’s Credit Awards.

Q-Wixx, which was spun out of broker Creditex, launched in June. It automates the pricing and execution of lists of CDs, cutting the time it takes using the previ-ous Excel-based process from hours to seconds. It will allow dealers and hedge funds to get more business done, in less time, and with less operational risk. At its launch in June, hedge funds and dealers

were queuing up to describe its merits. “We’ll look back to pre-Q-Wixx and wonder how we ever put up with [the old process],” said simon Morris, head of European credit trading at Goldman sachs in London.

Bringing new products and services to market is an important part of Creditex’s strategy, explains chief exec sunil Hirani. “Innovation is critical to the growth and development of any new market and has been the centerpiece of our business model,” he says, listing electronic CDs trading, fixings and electronic processing via its t-Zero platform as some of the company’s market firsts. In this case, Q-Wixx brings hedge funds to Creditex’s client base for the first time.

Credit magazine’s 2007 awards are based on interviews with a select group of the largest credit investors around the world. Interviews were conducted by Incisive research, the independent market research arm of Credit’s parent company Incisive Media, in April and May 2007. Where necessary, more than one employee from each firm was contacted to complete all categories in the survey. Online votes were also accepted, subject to rigorous identification checks. Any respondents found to have voted for their own institution, or parent firm, were removed from the survey.

the sample size of respondents was kept deliberately small in order to ensure we spoke to the right customers at the right institutions. Each respondent filled in the parts of the questionnaire that applied to their business, and nominated up to five banks or service providers for each category. Points were awarded according to the following criteria: five points for each first-place nomination; four points for each second-place nomination; three points for each third-place nomination; two points for each fourth-place nomination and one point for each fifth-place nomination. Points were then totalled for each institution and appear on our results tables expressed as a percentage of the total points awarded in

that category. Where banks’ points total was tied, preference in the ranking was given to the bank that scored a higher number of first-place nominations.

the rankings were compiled for two discrete geographical locations: uK and European voters nominating winners for the European awards, and north American voters deciding the winners of the us awards. In each region, rankings are provided for three sets of cli-ent groups: an ‘overall’ award which comprises votes from all clients in the survey; a ‘real money’ ranking derived from the votes cast by institutional fund managers; and an ‘alter-native investors’ ranking, which includes all hedge funds and prop trading desks.

two sections of the survey were decided by different means. the ‘best market innova-tion’ was decided by editorial discretion, guided by suggestions made by respondents. And the awards for best liquidity providers were decided by accumulated votes cast in Credit magazine’s monthly liquidity polls carried out over the past year.

174 clients voted in the European section of the awards, 146 of whom are based in the uK and 28 based in continental Europe. real money accounts accounted for 70% of the votes cast while alternative investors made up the remainder.

MEtHODOLOGY

JPMOrGAn wins the awards for high-grade research, high-yield research and credit strategy after streamlining its publishing activities to focus on cover-age clients can use. “Our clients don’t evaluate our coverage in terms of vol-ume but in terms of relevance,” says steve Dulake, the bank’s London-based head of European credit strategy. “We have tried to align ourselves with what’s

happening in the trenches, considering the views both of our clients and our sales force.”

Dulake’s team is publishing less than it did last year, concentrating instead on commercially viable trade ideas and industry trends. “It’s frustrating to have your fax and inbox clogged with reams of sell-side research, and it’s a waste of our analysts’ talents,” says Dulake. “Our

analysts, rather than getting bogged down in specialist publications, are free to focus on clients. We don’t get paid according to the number of publications we provide, but on how we add value to clients’ businesses.”

the bank’s early decision to merge high-grade and high-yield research is one of its key strengths, says Dulake, as it permits seamless coverage. this has been especially important over the past year, when the bank has concentrated on special situations on the high-grade side: private equity, M&A and other forms of event risk. Interconnectivity has also been critical, says Dulake, and he encourages co-operation between teams. “Our bank analysts and ABs specialists worked together looking at the recent spanish property crisis and whether or not it could become a European version of the turmoil in the us subprime mort-gage market, and our legal and special situations people co-operated on some research into a strategic response to pri-vate equity and LBO risk.”

JPMorgan scoops three research awards

“Our clients don’t evaluate our coverage in terms of volume

but in terms of relevance”Steve Dulake, JPMorgan

Cuts in credit research output from the investment banks have served inde-pendent research company Creditsights well. “Banks’ decisions to cut back on research have been beneficial to us: with less sell-side research out there, clients are responding well to the depth of the material we are still producing,” says simon Adamson, London-based head of European research at Creditsights, voted best independent research house in Europe.

there is one other big natural advan-tage independents have over in-house teams: the absence of conflicts of inter-est, especially in their M&A coverage. As the company does not manage money and has no traders, it can write what it likes about deals. “Analysts at banks have been more restricted, as their institutions have often been involved in deals in an advisory capac-ity,” says Adamson.

Bank cuts help independents Deutsche Bank’s trade ideas top-ranking

tIMInG has been key for Deutsche Bank, this year’s winner of the ‘trade ideas’ award in Europe. “We have been pretty good this year at timing market moves,” says Jim reid, global head of fun-damental credit strategy at the bank in London. “We were long high yield for most of 2006 but reconsidered that posi-tion in May before the sell-off only to put the trade back on before the sum-mer was out.”

reid works closely with Jean-Paul Calamaro, global head of quantita-tive credit, also based in London, who says that Deutsche Bank has the cour-age of its research team’s convictions: “Our trade ideas are not just directed at external clients: they are also used inter-

nally, by our trading and structuring desks.” the whole team vets those ideas before they enter the public domain, he says. “We are very selec-tive about what makes it through.”

Deutsche Bank believes that one of its strengths is that it provides a full suite of different research products. “Here, Jean-

Paul looks at the quantitative side and my team focuses on fundamentals,” says reid.

“It is rare for clients to get that kind of coverage from one place, and it enables the bank to provide the full spectrum of ideas to the broadest range of clients, from the most sophisticated hedge fund to long-only real money accounts who can’t yet invest in derivatives.”

Jim Reid, Deutsche Bank

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Best Liquidity Provider

1 JPMorgan 14.742 Barclays Capital 11.173 Deutsche Bank 10.414 Royal Bank of Scotland 8.985 Citigroup 7.196 UBS 6.797 Morgan Stanley 6.658 Goldman Sachs 6.619 Credit Suisse 5.9010 BNP Paribas 5.3611 Lehman Brothers 4.6912 HSBC 3.4413 Merrill Lynch 2.5014 Société Générale 1.6515 ABN Amro 0.7116 Dresdner Kleinwort 0.6717 Royal Bank of Canada 0.5818 Bear Stearns 0.5419 Bank of America 0.4920 Calyon 0.36

Real money 1 JPMorgan 14.292 Barclays Capital 11.933 RBS 11.544 Deutsche Bank 10.785 UBS 6.896 BNP Paribas 6.767 Citigroup 6.128 Morgan Stanley 5.999 Credit Suisse 5.7410 HSBC 4.2711 Goldman Sachs 3.8312 Lehman Brothers 3.5113 Merrill Lynch 3.3214 Société Générale 1.4715 ABN Amro 0.7016 Dresdner Kleinwort 0.6417 Royal Bank of Canada 0.6418 Calyon 0.3819 HVB 0.3820 Bank of America 0.32

Alternative investors 1 JPMorgan 15.652 Goldman Sachs 13.113 Citigroup 9.694 Deutsche Bank 9.545 Barclays Capital 9.396 Morgan Stanley 8.207 Lehman Brothers 7.458 UBS 6.569 Credit Suisse 6.2610 RBS 2.9811 BNP Paribas 2.0912 Société Générale 2.0913 HSBC 1.4914 Bear Stearns 1.3415 Bank of America 0.8916 ABN Amro 0.7517 Dresdner Kleinwort 0.7518 Merrill Lynch 0.6019 Royal Bank of Canada 0.4520 Calyon 0.30

e high-grade corporate bonds

1 JPMorgan 16.232 Deutsche Bank 12.353 BNP Paribas 11.044 Citigroup 9.775 UBS 9.566 Barclays Capital 8.717 Credit Suisse 4.028 RBS 3.749 Goldman Sachs 3.7010 Société Générale 3.39

e high-yield corporate bonds

1 JPMorgan 22.572 Deutsche Bank 19.673 Barclays Capital 14.434 Credit Suisse 12.515 Citigroup 8.206 UBS 5.147 Royal Bank of Scotland 3.888 Morgan Stanley 3.339 BNP Paribas 2.1310 Lehman Brothers 1.97

£ high-grade corporate bonds

1 RBS 29.722 Barclays Capital 17.583 HSBC 15.254 UBS 12.325 RBC 5.386 JPMorgan 5.047 Deutsche Bank 4.708 BNP Paribas 2.559 Morgan Stanley 2.2110 Goldman Sachs 1.34

1 Royal Bank of Scotland 15.852 JPMorgan 12.923 Barclays Capital 12.044 UBS 8.025 Citigroup 6.566 Goldman Sachs 6.567 Deutsche Bank 6.168 HSBC 5.879 BNP Paribas 5.5810 Morgan Stanley 3.33

Real money1 RBS 19.242 Barclays Capital 12.663 JPMorgan 10.004 UBS 9.755 HSBC 6.716 Deutsche Bank 6.337 Citigroup 6.208 BNP Paribas 6.089 Goldman Sachs 3.5410 Société Générale 3.16

Alternative investors1 JPMorgan 22.842 Goldman Sachs 16.813 Barclays Capital 9.914 Citigroup 9.485 Morgan Stanley 6.476 Deutsche Bank 5.607 RBS 4.318 BNP Paribas 3.889 ABN Amro 3.4510 HSBC 3.02

Best high-grade corporate bond house

1 JPMorgan 22.062 Deutsche Bank 17.753 Credit Suisse 12.184 Barclays Capital 9.985 Citigroup 7.886 UBS 5.887 Royal Bank of Scotland 5.468 Morgan Stanley 4.529 Goldman Sachs 3.5710 Merrill Lynch 3.57

Real money1 JPMorgan 22.422 Deutsche Bank 19.803 Barclays Capital 12.374 Credit Suisse 10.925 Citigroup 7.866 UBS 5.687 RBS 4.518 Merrill Lynch 3.649 Morgan Stanley 3.4910 Lehman Brothers 2.91

Alternative investors1 JPMorgan 21.132 Credit Suisse 15.473 Deutsche Bank 12.454 Goldman Sachs 9.065 RBS 7.926 Citigroup 7.927 Morgan Stanley 7.178 UBS 6.429 Barclays Capital 3.7710 Merrill Lynch 3.40

1 Royal Bank of Scotland 14.042 Barclays Capital 11.363 Morgan Stanley 10.254 Citigroup 9.945 Deutsche Bank 8.526 Lehman Brothers 7.737 JPMorgan 7.738 Merrill Lynch 5.999 UBS 4.5710 Goldman Sachs 4.10

Real money1 RBS 16.282 Barclays Capital 12.563 Deutsche Bank 10.474 Morgan Stanley 10.475 Citigroup 9.076 JPMorgan 8.377 Merrill Lynch 6.288 Lehman Brothers 6.059 UBS 4.8810 HSBC 2.79

Alternative investors1 Citigroup 11.762 Lehman Brothers 11.273 Morgan Stanley 9.804 RBS 9.315 Barclays Capital 8.826 Goldman Sachs 7.357 Bear Stearns 6.378 JPMorgan 6.379 Merrill Lynch 5.3910 Bank of America 4.41

Best high-yield corporate bond house Best securitisation house

Best credit house % of total points

By investor type

1 Deutsche Bank 19.812 JPMorgan 12.663 Lehman Brothers 10.394 Morgan Stanley 10.395 Credit Suisse 9.096 Citigroup 7.477 Goldman Sachs 6.828 UBS 3.579 Barclays Capital 3.5710 Bank of America 2.60

Real money1 Deutsche Bank 25.292 Morgan Stanley 10.343 Credit Suisse 10.344 Lehman Brothers 9.775 Citigroup 6.906 Goldman Sachs 6.327 JPMorgan 6.328 UBS 4.609 Barclays Capital 4.6010 ING 2.87

Alternative investors1 JPMorgan 20.442 Deutsche Bank 12.413 Lehman Brothers 10.954 Morgan Stanley 10.225 Citigroup 8.036 Goldman Sachs 7.307 Credit Suisse 7.308 Bank of America 3.659 HSBC 3.6510 Bear Stearns 3.65

Best distressed debt house

1 JPMorgan 17.782 Deutsche Bank 13.883 Goldman Sachs 12.364 Morgan Stanley 9.415 Citigroup 7.606 Credit Suisse 6.847 Barclays Capital 6.848 UBS 5.999 Lehman Brothers 5.0410 BNP Paribas 3.04

Real money1 JPMorgan 18.502 Deutsche Bank 15.573 Morgan Stanley 10.284 Credit Suisse 8.085 Barclays Capital 7.496 UBS 7.057 Goldman Sachs 6.908 Citigroup 6.179 BNP Paribas 4.1110 Lehman Brothers 4.11

Alternative investors1 Goldman Sachs 22.072 JPMorgan 16.223 Deutsche Bank 10.644 Citigroup 10.115 Morgan Stanley 7.716 Lehman Brothers 6.657 Barclays Capital 5.598 Credit Suisse 4.529 UBS 3.9910 Société Générale 2.39

1 JPMorgan 15.842 Morgan Stanley 10.713 Goldman Sachs 10.264 Deutsche Bank 8.905 Lehman Brothers 8.456 Barclays Capital 7.397 UBS 6.498 Citigroup 6.189 Merrill Lynch 4.8310 Royal Bank of Scotland 4.52

Real money1 JPMorgan 18.162 Morgan Stanley 11.623 Deutsche Bank 9.694 UBS 8.475 RBS 6.786 Barclays Capital 6.787 Merrill Lynch 6.548 Lehman Brothers 6.549 Goldman Sachs 6.0510 BNP Paribas 5.08

Alternative investors1 Goldman Sachs 17.202 JPMorgan 12.003 Lehman Brothers 11.604 Citigroup 10.005 Morgan Stanley 9.206 Barclays Capital 8.407 Deutsche Bank 7.608 Credit Suisse 6.809 UBS 3.2010 Bear Stearns 2.40

Best credit derivatives house Best structured credit house

1 JPMorgan 14.092 Royal Bank of Scotland 11.873 Barclays Capital 11.744 BNP Paribas 7.915 Morgan Stanley 7.296 Deutsche Bank 7.057 UBS 6.438 Citigroup 5.939 Lehman Brothers 4.4510 Merrill Lynch 4.20

Real money1 RBS 14.752 JPMorgan 13.133 Barclays Capital 12.954 BNP Paribas 8.995 UBS 8.096 Deutsche Bank 7.917 Morgan Stanley 5.768 Merrill Lynch 5.229 Société Générale 4.5010 Citigroup 4.14

Alternative investors1 JPMorgan 16.212 Morgan Stanley 10.673 Lehman Brothers 9.884 Citigroup 9.885 Goldman Sachs 9.096 Barclays Capital 9.097 BNP Paribas 5.538 RBS 5.539 Deutsche Bank 5.1410 Credit Suisse 4.74

Best high-grade research

1 JPMorgan 19.452 Credit Suisse 16.693 Deutsche Bank 14.764 Barclays Capital 11.175 Citigroup 7.726 Royal Bank of Scotland 6.077 Morgan Stanley 5.248 UBS 4.009 Lehman Brothers 3.8610 Merrill Lynch 3.72

Real money1 JPMorgan 20.132 Deutsche Bank 17.563 Credit Suisse 14.784 Barclays Capital 13.285 RBS 8.576 Citigroup 5.147 Merrill Lynch 4.718 UBS 3.219 Morgan Stanley 3.0010 Bank of America 1.71

Alternative investors1 Credit Suisse 19.772 JPMorgan 17.873 Citigroup 12.174 Deutsche Bank 9.515 Morgan Stanley 9.136 Lehman Brothers 8.757 Barclays Capital 7.228 UBS 5.329 Goldman Sachs 4.1810 Banco Santander 1.90

Real money1 Citigroup 13.242 JPMorgan 11.803 Barclays Capital 11.804 Morgan Stanley 9.255 Lehman Brothers 8.456 Deutsche Bank 8.137 RBS 7.028 HSBC 6.389 Merrill Lynch 5.2610 Société Générale 4.63

Alternative investors1 JPMorgan 22.482 Citigroup 15.503 Deutsche Bank 9.304 Morgan Stanley 8.915 Credit Suisse 7.756 Lehman Brothers 4.657 Barclays Capital 4.268 Dresdner Kleinwort 3.889 Merrill Lynch 3.8810 RBS 3.49

Best high-yield research

1 JPMorgan 14.982 Citigroup 13.963 Barclays Capital 9.654 Morgan Stanley 9.195 Deutsche Bank 8.516 Lehman Brothers 7.387 Royal Bank of Scotland 6.028 Merrill Lynch 4.889 HSBC 4.6510 Société Générale 4.20

Best credit strategy

1 Deutsche Bank 12.692 JPMorgan 10.183 Citigroup 8.294 Goldman Sachs 8.045 Barclays Capital 7.916 Royal Bank of Scotland 7.047 Morgan Stanley 6.538 Lehman Brothers 6.289 UBS 6.1610 BNP Paribas 6.03

Real money1 Deutsche Bank 12.922 JPMorgan 10.153 RBS 9.594 BNP Paribas 7.935 Citigroup 7.566 Morgan Stanley 7.017 Barclays Capital 7.018 Lehman Brothers 6.279 UBS 6.2710 Merrill Lynch 5.54

Alternative investors1 Goldman Sachs 16.142 Deutsche Bank 12.203 JPMorgan 10.244 Barclays Capital 9.845 Citigroup 9.846 Lehman Brothers 6.307 Credit Suisse 6.308 UBS 5.919 Morgan Stanley 5.5110 Bear Stearns 4.33

Best trade ideas

Real money1 CreditSights 78.332 GimmeCredit 15.003 Standard & Poor’s 3.334 New Street Research 1.675 Fitch Ratings 1.67

Alternative investors1 CreditSights 75.562 GimmeCredit 6.673 New Street Research 6.674 Lombard Street 6.675 Moody’s 4.44

1 CreditSights 76.422 GimmeCredit 11.323 New Street Research 3.774 Lombard Street 2.835 Standard & Poor’s 1.89

Best independent research

1 Lehman Brothers 20.932 Merrill Lynch 18.603 IIC 12.094 JPMorgan 7.445 Barclays Capital 6.51

Best index provider

1 MarketAxess 47.622 Bloomberg 33.333 Thomson TradeWeb 19.05

Best multi-dealer credit trading platform

1 Markit Group 50.002 T-Zero 37.503 DTCC 12.50

Best operational support provider

1 MarketAxess 81.822 Thomson TradeWeb 18.18

Best multi-dealer CDS trading platform

Q-Wixx

Best market innovation