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Donaldson, Lufkin & Jenrette and Goldman Sachs have been named the best overall loan trading desk for the par and distressed markets, respectively, in Bank Letter's 1999 survey of secondary loan market investors. DLJ beat out its nearest competitor, BT Alex. Brown, by almost 100 points to win the top spot in par trading, after placing third in last year's survey. In a closer contest, Goldman outflanked DLJ to win as best distressed desk and improved on its second-place ranking in 1998. The best trade desks were elected by the largest and most active institutional investors in the U.S. loan market.
DLJ's triumph-winning all four of the par market subcategories-was backed by endorsements from the buyside community. "They are able to access paper, and they are easy to deal with-very user-friendly," noted one investor, adding the desk is knowledgeable about the overall market as well as individual credits. The desk can also get its hands on paper at reasonable prices, he said. "You can't ask for more than that."
Top distressed desk Goldman won three of the subcategories, losing out to DLJ as the desk that offers the most competitive prices. Investors praised the Goldman distressed desk for its creativity, efficient execution and support of its deals. "They provide a lot of market color and track names...