< The 2014 All-Europe Fixed-Income Research Team

2014-03-tom-johnson-all-europe-fixed-income-research-team-high-yield-david-caldana.jpg

2014-03-tom-johnson-all-europe-fixed-income-research-team-high-yield-andrew-webb.jpg
David Caldana, Andrew Webb
& team
J.P. Morgan
First-Place Appearances: 4

Total Appearances: 4

Team Debut: 2011

David Caldana and Andrew Webb steer their four-member J.P. Morgan team in London to the top of this roster for a fourth year running. And no wonder. The analysts are “extremely thoughtful and have loads of valuable experience,” one portfolio manager attests. “They are not afraid to change their view as situations evolve, compared with some other analysts who become too entrenched.” J.P. Morgan’s crew maintains recommendations on 63 issuers and expects that number to grow this year. Some new entrants to the market are stirring things up, says Caldana, 37. “The emergence of an increasing number of off-the-run — non-benchmark-size capital structures or bonds — new issuers is leading to some more interesting yield opportunities,” he explains, “as investors and analysts may not have enough time to get up to speed on some of the new issues relative to the familiar on-the-run names that tightened so much in 2013.” Among the group’s popular recommendations over the past year are its March 2013 advice to short the 10.5 percent 2017 notes of Italian telephone directories publisher and advertising services provider Seat Pagine Gialle, at €25. Seat management had revised earnings forecasts downward and announced a second round of restructuring. By the end of the year, the price had collapsed to €11.5. Webb, 36, also leads a team that merits a runner-up spot in Investment-Grade Technology, Media & Telecommunications.