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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 an average of more than 18 years of experience per trader, Raymond James | Morgan Keegan prides itself on closing a deal better than anyone else. And it starts at the top. Bill Mueller and Joe Larizza, co-heads of the Government Desk are 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 Raymond James | 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 in keeping with our customer focus, we are committed to increasing positions to whatever level is needed to satisfy investor demand.

Raymond James | 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 $18 billion range, Raymond James | Morgan Keegan is among the nation’s leading underwriters of new issue agencies. Consider these numbers*:

  • 2nd in underwriting by number of issues in 2011 for FHLB
  • 3rd in underwriting by number of issues in 2011 for all GSE names.
  • 16th in underwriting, based on dollar amount totaling $18.5 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 $600 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 2011,  rated by number of deals*

Rank Manager Amount Total
($MM)		 Issues
1 FTN Financial 43,230.12 1,004
2 UBS 113,394.76 948
3 Raymond James | Morgan Keegan 18,490.73 769
4 Vining Sparks 13,734.16 734
5 Credit Suisse 50,141.33 643
6 Incapital LLC 19,315.67 642
7 Jefferies Group Inc.. 28,037.35 562
8 JP Morgan 17,970.02 540
9 Wells Fargo & Co. 20,390.77 510
10 BNP Paribas Group 85,866.85 493
11 Bank of America Merrill Lynch 35,832.30 484
12 Deutche Bank AG 83,188.86 475
13 Citi 91,197.31 472
14 Morgan Stanley 43,729.09 444
15 SunTrust Robinson Humphrey 10,620.26 431
16 Stifel Nicolaus Weisel 13,070.33 422
17 Barclays 108,890.97 382
18 BMO Capital Markets 5,633.83 260
19 Piper Jaffray & Co 5,075.89 237
20 Cantor Fitzgerald 7,552.51 212
*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

(Raymond James | 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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