Trading

Convertible Bond Department
Every day the Convertible Bond Department's sales and trading team provides clients with comprehensive market knowledge and the best and most efficient trade executions, regardless of size or complexity. Department professionals use proprietary technical models, secondary market trading platforms and in-house fundamental credit research to provide the most effective service to both hedge and outright accounts.

Dealer Sales Department
The Dealer Sales Department trades high yield corporate bonds, emerging market sovereign and corporate bonds, and convertible bonds to the regional broker-deal community.

High Yield and Distressed Debt Department
The High Yield and Distressed Department provides market-savvy, research-driven coverage and execution services to hedge funds and other institutional investors in North American corporate bonds. The Department trades the full spectrum of non-investment grade bonds, and is particularly well-known for its facility with smaller and less liquid issues, complex special situations, and Canadian issuers.

International Department
The International Department trades emerging markets (Latin American, Eastern European, and Asian corporates and sovereigns) as well as Western European high yield corporate bonds. The Department services institutional investors throughout Latin America and Europe, offering sales coverage in both the products it trades as well as the North American debt and equity products traded by the Firm's other departments.

Special Situations Equity Department
The Department focuses on distressed, post-reorganization, non-listed and low-priced stocks, leveraging the Firm's market reach and research coverage in converts, high yield, distressed, EM and convertibles. The Department provides sales and trading services to institutional customers in listed and unlisted equities and (as of November 2006) makes markets in approximately 75 bulletin board and pink sheet issues.

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