MINNEAPOLIS, Nov. 5 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray
today announced significant strength in third quarter fixed income results.
Overall, the division participated in a total of 271 deals raising over
$14 billion in the third quarter. Year-to-date through the third quarter, the
firm has completed a total of 917 corporate and municipal bond offerings
valued at over $57 billion, representing an 81 percent increase in capital
raised. Quarterly results reflect strong performance in both the corporate
and municipal bond areas.
Corporate Bond Strength
Year-to-date through the third quarter the firm's corporate bond issuance
has more than doubled. In the quarter the firm participated in 30 corporate
bond offerings valued at over $9.5 billion. Year-to-date through the third
quarter, the firm has completed 70 corporate bond offerings valued at over
$38 billion, compared with 27 offerings valued at $14.4 billion during the
same period last year, representing a 165 percent increase in capital raised.
Municipal Finance Dominance
In the third quarter Piper Jaffray maintained its number one ranking for
debt issued in the Mid-West. The division participated in 241 municipal bond
offerings valued at $4.5 billion. Year-to-date, the municipal finance team
completed 847 transactions valued at over $18.9 billion, representing a
10.81 percent increase in capital raised.
"Our division is coming off a record year last year and the strength in
our third quarter results demonstrates the great momentum in our business,"
said Barry Nordstrand, president and head of the fixed income capital markets
division. "We continue to add to staff where we see great opportunities. We
recently expanded our mortgage-backed trading business, with the addition of
three traders, six sales people and a new office in New York. In addition, we
have added senior derivatives talent and expanded our research coverage to
include the real estate investment trust (REIT) sector. Each of these hires
allow us to continue execution of our strategic growth plan by delivering top-
tier guidance to our clients."
U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based
U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of three
divisions: Equity Capital Markets, Fixed Income Capital Markets and Private
Advisory Services. The firm provides a full range of investment products and
services to individuals, institutions and businesses. The firm has over
120 offices in 23 states across the country. The Equity Capital Markets
Division focuses on the needs of growth companies in the health care,
technology, financial institutions, consumer and communications growth
sectors. The firm has a national reputation for its expertise in fundamental
research and equity and debt financing. The Fixed Income Capital Markets
business provides bond issuers, individual investors and institutional
investors expertise in investment banking, underwriting, trading, sales and
research. The firm offers innovative solutions in corporate and government
debt financings with particular expertise in corporate, health care/hospitals,
real estate, higher education and government debt. The Private Advisory
Services division financial advisors provide guidance in retirement planning,
education planning, estate planning and wealth accumulation. Investors select
from a wide array of products, including fee-based products, stocks, bonds,
mutual funds, annuities, insurance and trust services. U.S. Bancorp offers a
comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp
Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray.
For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com
Additional information is available upon request.
Nondeposit investment products are not insured by the FDIC, are not
deposits or other obligations of or guaranteed by U.S. Bank National
Association or its affiliates, and involve investment risks, including
possible loss of the principal amount invested. Securities products and
services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and
NYSE, Inc., a subsidiary of U.S. Bancorp. (5/99-0679)
Make Your Opinion Count - Click Here
SOURCE U.S. Bancorp Piper Jaffray