High Yield – Retailing/Consumer Products: Third
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High Yield – Retailing/Consumer Products: Third

Ronan Clarke & team

Deutsche Bank

In its first appearance in this sector, Deutsche Bank claims third place. The two-member team, which is led by London-based newcomer Ronan Clarke, maintains roughly 15 recommendations out of a total coverage list of some 50 credits. Current favorites include the 8.875 percent 2018 senior secured notes of House of Fraser, a U.K.-based operator of upscale department stores. The analysts launched coverage in January 2012 with a buy rating, at £84, on the retailer’s strong market position in the resilient premium-shopping subsector. By mid-January 2013 the credits had risen 27.4 percent, to £107. “Ronan helped us make money last year,” cheers one grateful client. — Ben Mattlin



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