Credit

Lehman Brothers is an industry leader in the Credit business. The Firm offers full-service sales, trading, research and origination — focused on the global investment grade, high yield, crossover and loan markets. Our Credit Group operates in the U.S., Europe, Asia and Latin America, across all major currencies and in the cash and derivative markets.

Some of our Credit Businesses include:

•	Auction Rate Securities
•	Capital Securities & Preferred Stock
•	Collateralized Debt Obligations (CDOs)
•	High Grade Bonds & Loans
•	High Yield Bonds & Loans
•	Money Markets Instruments
•	Structured Credit Trading
•	Sovereign/Emerging Market Debt

As part of Lehman Brothers' top-ranked global Fixed Income franchise, the Credit Group leads the industry in delivering value to institutional fixed income investors. The investor community agrees, as attested to by several independent rankings and surveys of the Group:

		Institutional Investor
		•  Ranked #1 in the "All-America Fixed-Income Research Team" survey (2006)  •  The Firm ranked #1 for the seventh year in a row and for 13 out of the past 17 years

		International Financing Review
		•  Credit Derivatives House of the Year (2006)  •  Securitization House of the Year (2006)

		Euromoney				Asia Risk
		•  Best Global Asset Backed Securities House (2006)  •  Best Debt House in Italy (2006)				•  Credit Derivatives House of the Year (2006)  •  Deal of the Year: Start II Collateralized Loan Obligation (2006)

Why Choose Lehman Brothers
Lehman Brothers' Global Credit management team has an average of 12 years' experience working together and 17 years of industry expertise, providing the consistency of leadership needed to deliver high value-added solutions for our clients. Our goal is to provide an unrivaled combination of service, advice, capital and execution to our investing and issuing customers worldwide. Our credit and strategic research teams offer these clients both fundamental and quantitative analysis on a wide range of credit product offerings.

The Lehman Brothers global bond indices franchise is consistently ranked #1 by Institutional Investor and is currently used by over 90% of U.S. investors. With the enormous leverage gained through our Global Family of Indices, the Credit Group also integrates our top-ranked research/strategy with our renowned analytics and data to provide and execute the best portfolio advice for our investing customers. Importantly, our Credit Business is closely aligned with other key parts of Lehman Brothers' world-renowned Fixed Income Franchise, including Liquid Markets, Securitized Products, Foreign Exchange and Municipal Securities.

Internet Access
Our client Web site, LehmanLive®, provides the tools needed to facilitate benchmark outperformance and optimal portfolio management and is a critical component of the portfolio advisory relationship. Through LehmanLive, customers can access an enormous depth of real-time research, proprietary historical index/pricing data and electronic execution.