Credit Research poll results 1999: Moving down the credit curve

Our ground-breaking annual European credit research poll ­ appearing for the second time and based on responses from an ever-growing number of investors ­ continues to generate fascinating results. Investors are embracing corporate, high-yield and asset-backed bonds. And they read analysis from a broad range of banks. Merrill Lynch does notably well in high yield. Research by Rebecca Cicolecchia.

Credit Research: Telling the wheat from the chaff

Credit Research: Methodology

Issuer classes

Banks

Rank 99 98 Score
1 2 Deutsche Bank 81
2 2 JP Morgan 74
3= 1 Merrill Lynch 66
3= * Warburg Dillon Read 66
5= 13 Dresdner Kleinwort Benson 49
5= 11 Morgan Stanley Dean Witter 49
7 9 ABN Amro 43
8 ** Salomon Smith Barney 21
9 13 Lehman Brothers 20
10 6 Barclays Capital 18
11 7 Goldman Sachs 17
12 9 Credit Suisse First Boston 14
13 Banque Nationale de Paris 8
14 DG Bank 7
15 CDC Marchés 6
* SBC Warburg Dillon Read ranked 4, UBS 5
** Salomon Smith Barney ranked 13=, Citibank 20=
Corporates
1 * Warburg Dillon Read 67
2 1 Merrill Lynch 65
3 4 JP Morgan 58
4 17 Dresdner Kleinwort Benson 50
5 7 Goldman Sachs 42
6 5 Barclays Capital 40
7= 17 ABN Amro 36
7= 3 Deutsche Bank 36
7= 5 Morgan Stanley Dean Witter 36
10 ** Salomon Smith Barney 24
11 9 Lehman Brothers 20
12= 10 Credit Suisse First Boston 19
12= 13 HSBC 19
14 22 Bear Stearns 11
15 22 Chase Manhattan 10
* SBC Warburg Dillon Read ranked 2, UBS 8
** Citibank ranked 12, Salomon Smith Barney 13=
High-yield corporates
1 1 Merrill Lynch 87
2 Dresdner Kleinwort Benson 41
3 BT Alex Brown 32
4 4 Morgan Stanley Dean Witter 30
5 2 JP Morgan 27
6 Donaldson Lufkin & Jenrette 23
7 * Warburg Dillon Read 21
8 8 Credit Suisse First Boston 20
9 13 Barclays Capital 18
10 Lehman Brothers 17
11 7 Deutsche Bank 12
12= ABN Amro 10
12= 5 Goldman Sachs 10
14 ** Salomon Smith Barney 9
15 Bear Stearns 6
* SBC Warburg Dillon Read ranked 3, UBS 13=
** Citibank ranked 11=, Salomon Smith Barney 16=
Sovereigns & regionals
1 ABN Amro 59
2 1 JP Morgan 58
3 4 Deutsche Bank 49
4 2 Merrill Lynch 38
5 5 Goldman Sachs 28
6 9 Morgan Stanley Dean Witter 24
7 * Salomon Smith Barney 20
8= 11 Credit Suisse First Boston 19
8= ** Warburg Dillon Read 19
10 13 Dresdner Kleinwort Benson 18
11= 6 Chase Manhattan 12
11= Société...

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