Merrill aims to rebuild in high-yield market

Merrill Lynch has once again become something of a go-to player in high-yield bonds. About four years ago, it was languishing, not even ranking in the top ten. Since then, it has recommitted to the market and the results have been solid. The latest quarterly rankings have it in second place in both U.S. and global volume. It has achieved this by re-jiggering management, building out its private equity operations, and arriving at the table ready to put up cash. The firm has certainly attached itself to some high-profile deals. Last month, Merrill Lynch was an underwriter of the $6 billion bond offering for Freeport-McMoRan Copper & Gold, part of the largest junk offering since Kohlberg Kravis Roberts' buyout of RJR Nabisco. So it's on a roll.

For more:
- here's an Investment Dealers' Digest article (For FierceFinance readers)