Trading and distribution

With major trading desks strategically located across the US, Europe, Asia and Australia, we specialize in a diverse range of hybrid and preferred securities:

• Hybrid and Preferred Securities | Deep issuer and structural insight, relative value perspective, and execution capabilities across preferred stock and hybrid capital instruments, helping clients efficiently navigate yield, capital structure, and duration considerations.
• Secondary CTL and Privates | Secondary market liquidity, pricing insight, and execution across corporate term loans and private credit assets, enabling efficient participation in private and illiquid credit markets.
• Corporate bonds | Trading and distribution across investment-grade sectors.
• Emerging Markets | Access to diverse emerging market securities, leveraging local expertise to navigate risks and uncover growth opportunities.
• Illiquids | Expertise in sourcing, pricing and executing transactions in distressed debt, private credit and other illiquid assets.
• Mortgages | Expertise in agency and non-agency RMBS, with dedicated CMBS trading across the credit spectrum.
• Municipals | Institutional investment-grade blocks, separately managed accounts, and short-duration securities, including lower investment grade and high-yield/distressed.
• Structured products | Distribution of market-linked securities
• Rates/Agencies | Active in interest  rate-based securities; leading underwriter of Agency debt with tailored structures and maturities.

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Access diverse, specialized investment products for institutions, insurance companies, banks, money managers, mutual funds and pension funds. We focus on the proprietary trading and distribution of:

• Agency origination capabilities (averaging $6B annually)
• Asset-backed securities (subordinate and senior) 
• Collateralized mortgage obligations
• Commercial mortgage-backed securities
• Convertible bonds
• Corporate bonds
• Credit tenant lease financing, loan structuring and private placements
• High yield securities
• Mortgage-backed securities
• Municipal bonds (taxable and tax-exempt)
• Preferred stocks
• Tender option bonds (TOBs)
• Treasury Inflation Protected Securities (TIPs)
• US government and agency securities
• Secondary CTL & Privates

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Benefit from a tenured team of industry-leading credit specialists focused on macro-municipal trends and investment grade credit:

• Airlines / airports
• Continuing care retirement communities (CCRC)
• Distressed / bankrupt securities, including workout and restructuring
• Distressed local governments
• General governments
• Health care
• Higher education and miscellaneous nonprofit entities
• Housing financing (single and multi-family)
• Industrial development corporate-backed
• Land development financing
• Prepaid gas
• Puerto Rico and other US territories
• Special tax-backed and lease-backed securities
• Tobacco
• Toll roads
• Transportation and transit agencies
• Utilities, power, energy 

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