No Firm Does A Better Job than JP Morgan

RBS Global Banking & Markets Skyrockets to Second Place; Deutsche Bank Drops to Third

Institutional Investor Magazine Unveils Results of 2008 All-Europe Fixed Income Research Team Survey

With European credit markets reeling from the impact of the U.S.-led subprime mortgage crisis, fixed-income investors have shifted their focus away from the high-yield instruments they demanded in recent years and toward battered investment-grade bonds that offer greater potential for profit.

This quest for fallen angels in the investment-grade market has clients clamoring for quality research, and no firm does a better job of providing it than JPMorgan, according to participants in Institutional Investorís 2008 All-Europe Fixed-Income Research Team survey. The firm wins 23 total team positions, the same number as last year, including 12 first-place finishes, one fewer than in 2007.

RBS Global Banking & Markets, one of the only firms that added publishing analysts last year, skyrockets to second place, up from No. 14. RBS, which brought six new analysts aboard in 2007, wins 16 positions.

Deutsche Bank, which last year shifted its five investment-grade researchers to the trading desk, drops a notch to third. Rounding out the top five: Barclays Capital, falling from second to fourth, and UBS, down from fourth to fifth.

The Overall Winners Table ranks firms based on their total number of team positions (first, second, third place and runner-up), and the Weighted Leaders Table assigns points based on team position. Top Analysts lists winning individuals and teams in 24 investment categories.

Results are based on responses from more than 600 individuals at some 330 institutions globally managing an estimated $6.8 trillion in European fixed-income assets.

To view the complete survey, go to www.iimagazine.com. The survey is also available in the April 2008 International edition of Institutional Investor magazine.

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