Investment Grade – Banking & Financial Services: First
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Investment Grade – Banking & Financial Services: First


Jacqueline Ineke

& team

Morgan Stanley

"Jackie provides well-timed, detailed analyses."

Morgan Stanley leads the lineup for a third year running. With four analysts in London, one in Mumbai and team captain Jacqueline Ineke in Zurich, the squad tracks nearly 50 issuers and arranges “frequent meetings with investors to introduce us to management and regulatory experts, which is a big added value,” notes one buy-side supporter in France. Back in September 2010 the researchers advised going long on ING Groep’s insurance business, known as INTNED, by selling its five-year senior credit default swaps; the Netherlands-based financial services giant was awash in cash and disposing of insurance assets. Its swaps, then at 235 basis points, had tightened to 55 basis points by mid-January 2013. Then, in May, the team recommended Commerzbank’s 5.321 percent 2016 notes, at €79 with a yield to maturity of 16.1 percent, after first-quarter results indicated the German bank’s bonds would soon rise to par value and coupons would be paid in full. By mid-January the bonds had rallied to €114 and the YTM had tightened to 8.5 percent. Ineke, 42, holds two master’s degrees: one in European studies from Belgium’s College of Europe and the other in economics and international relations from Scotland’s University of St. Andrews. She joined Morgan Stanley in 2000 from UBS, where she covered European banks. — Ben Mattlin

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