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Government

Trading Personnel … On Target

A good trade isn’t made by a company. It’s made by a team of individuals, experienced in what they do and well-versed in the customer’s needs.

With about one trader to every two salespeople, and an average of more than 15 years of experience per trader, Morgan Keegan prides itself on closing a deal better than anyone else. And it starts at the top. Bill Mueller, Head of the Government Desk, is joined by some of the top professionals in the market, including six line traders and three dealer desk traders.

In addition, we have two dedicated traders who head up the structured product area where we underwrite new issue agencies and provide advice in swap and derivative markets. With Morgan Keegan, you find the experience and the attitude intended to provide the best execution—every time.

Inventory Positions … On the Rise

The Government Desk positions up to $500 million in new issue and secondary agencies along with money market instruments. The desk works daily on underwriting new issues and specializes in underwriting one-time call structures. And in keeping with our customer focus, we are committed to increasing positions to whatever level is needed to satisfy investor demand.

Morgan Keegan’s Government Desk is committed to actively making a secondary market in all government-sponsored agencies, especially those issues we underwrite. Providing you with the options for execution that meet your individual portfolio needs.

Underwriting Capabilities … Atop the Charts

Making the grade in underwritings is an important function of the Government Desk. With annual volume of our agency underwritings running in the $17 billion range, Morgan Keegan is among the nation’s leading underwriters of new issue agencies. Consider these numbers*:

  • 1st in underwriting by number of issues in 2010 for FHLB
  • 5th in underwriting by number of issues in 2010 for all GSE names.
  • 18th in underwriting, based on dollar amount totaling $17 billion across all GSE names

See our latest ranking below.

*Bloomberg, L.P.

Trading Philosophy … In Focus

Our trading philosophy follows our company philosophy — customer driven.

We buy and position bonds in support of our clients. And unlike most firms on Wall Street, we’re not restricted to just our own products. We view and select securities from all over. With total fixed income inventory lines in excess of $800 million, we align our buying with the specific needs of our clients — whether seeking relative value in new structured issues or tapping undiscovered value in secondary markets.

It’s not just how we think. It’s how we do business.

Agency Underwriting … Ahead of the Field

League Table for All Agency Underwriting  for the Year Ending 2010,  rated by number of deals*

Rank Manager Mkt Share % Amount Total
($MM)		 Issues
1 UBS 11.9 168,687.95 1,254
2 FTN Financial 3.5 49,355.78 1,040
3 Incapital LLC 2.1 30,142.97  902
4 Vining Sparks 1.1 15,973.88 778
5 Morgan Keegan & Co. 1.2 16,905.68 721
6 JP Morgan 9.7 136,773.52 622
7 Jefferies & Co. 2.5 35,836.95 610
8 Deutsche Bank AG 8.7 123,147.88 606
9 Credit Suisse 4.7 66,633.46 557
10 Wells Fargo Bank & Co. 1.7 24,054.39 547
11 Citi 8.0 113,574.59 537
12 Morgan Stanley  4.9 68,794.83 503
13 RBC Capital Markets 2.8 39,886.05 488
14 Bank of America Merrill Lynch  4.9 69,216.48 476
15 Barclays Capital 11.4 160,548.67 464
16 Stifel Nicolaus & Co. Inc. 0.9 13,274.39 371
17 Goldman Sachs & Co. RBS 5.5 78.190.28 358
18 BNP Paribas Group 3.0 42,924.08 317
19 RBS 3.0 42,975.45 278
20 SunTrust Robinson Humphrey 0.5 6,849.73 251
*Source: Bloomberg, L.P.—Total $ Amount—Number of Deals—Includes all underwritten agencies. Size divided equally among managers for joint-led issues. Gross proceeds used.

 Debenture Selling Groups … Member

  • Federal National Mortgage Association
  • Federal Home Loan Mortgage Association
  • Federal Home Loan Bank
  • Federal Farm Credit Bank

(Morgan Keegan is in the discount group for all of the above except for Fannie Mae)

» Learn more   

eFolio

Over 10 years ago, Morgan Keegan launched eFolio®, the first truly interactive proprietary online portfolio management system for institutions. Interact with your portfolio online, run what-if scenarios, shock your portfolio using interest rate assumptions and more. Institutional clients can access eFolio at any time from any computer – giving you constant access to your portfolio and Morgan Keegan’s inventory and research.

  • View Inventories
  • View Cashflows
  • Shock Portfolios
  • Simulate Trades
  • Run What-if Scenarios
  • Create Customized Reports
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