Convertibles, Credit & Options

In addition to its core strength in equities, FBR has sales and trading capabilities in the full complement of products, including convertibles and other equity-linked securities, high yield bonds and bank debt in performing, stressed and distressed categories, and U.S. listed equity options. This expanded product suite generates incremental value for our customers by enabling us to provide corporate finance solutions and execution capabilities for our issuing clientele across the capital structure from equity to secured debt, while reinforcing our strategic strengths for our investing clientele through this comprehensive product offering, focused in the small to mid-cap space. Our sales-force has constant access to ideas and execution in all its product segments and their high levels of internal communication allow us to leverage each group’s strengths to our customers’ advantage.

Our Convertible Sales and Trading group has rapidly established a leadership position in the sectors and markets in which it operates. The team serves more than 200 institutional clients and makes markets in more than 500 convertible and equity linked securities. Based in New York, our seasoned team of professionals, most of whom have more than 15 years of professional experience, has developed a leadership position in the trading of Convertible and Equity-Linked securities among Mid-Cap issuers in the Financials, REITs, Healthcare, TMT, Consumer, Energy, Natural Resources and Transportation sectors.

Our Credit Sales and Trading team is responsible for the primary and secondary distribution of corporate bonds and bank debt, predominantly in the non-investment grade arena. Our activities include crossover, high yield and distressed bonds, par and distressed loans, and trade claims and leases. Equipped with trading capital for all products, settlement capital for bank debt and on-desk analysis to compete with the entire marketplace, the group provides the kind of intellectual capital and execution capabilities investors have come to expect from FBR’s platform. The Credit team is based in New York with some additional sales coverage from our Boston office has also carved out a niche in a large number of illiquid products and industry segments, such as project energy and single asset real estate.

Our Listed Options and Equity Derivatives team is also based in New York, and commits capital and provides execution and customized idea generation services for our institutional investors, leveraging off our extremely strong equity research product. The team provides the expertise to actively make markets in and trade on behalf of clients across all U.S. listed options, encompassing single stocks, ETFs, indexes and financial futures. The team has at least 10 years of institutional options experience each, and brings a seasoned and highly skilled offering to the institutional customer base. By combining our expertise in volatility with the strong fundamental research that FBR produces, the Listed Options team will generate unique trading ideas for its clients and market-leading execution abilities in facilitating our client base’s orders.

The distinguished teams across all products, equities, convertibles, credit and options generates high value for our clients through value added idea formulation, decisive trade execution, and the ability and willingness to commit capital and trade on a principal basis.

FBR Capital Markets & Co (“FBRC”) and FBR Capital Markets LT, Inc. (“FBRLT”) (Collectively “FBR”). Services for securities products are provided through FBRC. Services for non-securities products are offered through FBRLT,.FBRC’s affiliate.