The Taxable Trading and Sales Group of the Debt Capital Markets Department uses a trading and salesforce to facilitate institutional and retail trading of taxable debt securities. There are five taxable traders with an average of 25 years of experience. The Taxable Trading and Sales Group:

• engages in proprietary trading and arbitrage activities;
• maintains an active inventory of corporate, convertible, asset-backed, and mortgage bonds;
• underwrites both public and private corporate debt issues; and
• specializes in issues that are more illiquid than traditional corporate issues.