Macro: Convertibles 2008
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Macro: Convertibles 2008

Venu Krishna pilots his three-­member team, at Barclays Capital since its parent acquired Lehman Brothers last month, to a fifth straight year at No. 1. Tatyana Hube & team Merrill Lynch. ­­Best Analysts of the Year 2008.

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Venu Krishna & team


Venu Krishna & team Barclays


SECOND TEAM


Tatyana Hube & team Merrill Lynch


Venu Krishna pilots his three-­member team, at Barclays Capital since its parent acquired Lehman Brothers last month, to a fifth straight year at No. 1. ­­“Venu and his team are constantly writing interesting, non­generic research reports about specific companies and sectors — these studies have led to successful trades,” avers one client. One such report from May 15 recommended shorting New York–based theme park operator Six Flags’ 7.25 percent August 2009 convertible preferred. “Our concern focused on the ability of the com­pany to repay at maturity under the guidelines of the Delaware General Corporation Law, in light of the negative net worth of the com­pany,” explains Krishna, 42. By mid-­September the Six Flags convertibles yield had plunged a whopping 55 percent. ­“Venu’s research is ­very detailed and ­very well thought out — the team offers insight ­into potential actual trades versus the theoretical trades that ­other analysts tend to pitch,” says one satisfied investor. Tatyana ­Hube leads the three-strong Merrill Lynch squad to its fourth consecutive second-­place finish. “They are very responsive to ­any needs that we may have,” cheers one ­backer. In February the team recommended National City Corp.’s 4.0 percent 2011 convertible senior notes, issued the previous month, owing to their attractive 22.5 percent conversion premium, which afforded ample opportunity for hedging. The Cleveland-­based financial holding com­pany’s notes were among the most lucrative arbitrage recommendations the team made this year, Hube says, returning, on average, 9 basis points per bond by mid-­September. No team received sufficient votes to warrant publishing a third-place ­ranking.


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