II Research Group Analyzes Factors Shaping the U.S. Fixed

Press Release:

II Research Group Analyzes Factors Shaping the U.S. Fixed Income Industry

Press Release
News Article February 2005

NEW YORK, Feb. 7 /PRNewswire/ -- Institutional Investor Research Group (IIRG) today released its 2004 U.S. Fixed Income Market Report, which analyzes performance excellence and important trends in the U.S. fixed income industry. The report reveals that while Lehman Brothers rated first in Institutional Investor magazine's 2004 All-America Fixed-Income Research Team rankings, J.P. Morgan surpassed Lehman Brothers for the first-place position in the investment grade category and Credit Suisse First Boston rated first in high yield.

Also included are the recently released U.S. Fixed Income Sales and Trading rankings where Lehman Brothers Inc. garnered the top spot for best overall liquid markets sales (not including High Yield and Emerging Markets) ranking. In overall high yield sales, Credit Suisse First Boston gained top ranking by edging out JPMorganChase the top ranked high yield trading house. In investment grade and high yield corporate bond trading JPMorganChase moved up to the top spot from last year's fourth and fifth place respectfully.

In addition to the traditional rankings by assets under management, this report introduces a second ranking system weighted by average monthly trading volume of the voting firms. IIRG asked respondents to provide their estimate of average monthly trading volume specific to fixed income product categories or sectors.

By attracting a broad-based voter response, this comprehensive report reflects the thinking of a carefully constructed universe of key decision- makers and highlights the issues that buy-siders find most important. The report reveals the growing importance of electronic trading and settlement as one of the major trends that will meet the demand for greater transparency in the fixed-income world. The broadly recognized growth of hedge funds and the challenges they present to sales, trading and research are also addressed.

Institutional Investor is the leading publishing and research organization covering the U.S. and global investment and capital markets. Its Institutional Investor Research Group (IIRG) has developed comprehensive market research reports based on published Institutional Investor magazine research team surveys since 1995. IIRG has developed and published its own rankings of institutional sales, trading and investor relations since 2001. IIRG's analyses are widely used by the securities industry and by corporations.

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