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Economics & Strategy – High Yield Strategy: First

Talk about covering all the bases: Deutsche Bank’s three-member team under James Reid not only rises one rung to finish on top for the first time in this sector but also captures the crown in both General Strategy and Investment-Grade Strategy...

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James Reid & team
Deutsche Bank
“The combination of detailed analysis and sound judgment truly stands out.”

Talk about covering all the bases: Deutsche Bank’s three-member team under James Reid not only rises one rung to finish on top for the first time in this sector but also captures the crown in both General Strategy and Investment-Grade Strategy — and claims second place in Credit Derivatives. One portfolio manager declares the trio’s work “a must-read for its detailed insights into industry drivers and long-term themes.” Reid, 38, and his associates also earn accolades for a series of recommendations to go long euro-denominated high-yield corporates over their dollar-denominated counterparts, particularly May’s recommendation to buy Ardagh Packaging Group’s 9.25 percent euro-denominated 2020 notes over its 9.125 percent dollar-denominated tranche with the same maturity. Ireland’s Ardagh, a maker of glass bottles, had issued debt in both currencies for broader market appeal, but the London-based strategists observed that the euro tranches were relative bargains, largely owing to market sentiments toward the region’s sovereign-debt crisis. By mid-January the euro tranche had rallied from 13 basis points below the dollar tranche to 1 basis point above it. Reid, who earned a bachelor’s degree in economics and economic history at England’s University of Warwick, worked as a credit strategist at Barclays before moving to Deutsche Bank in 2004. — Carolyn Koo


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