Fixed Income Capital Markets

Baird is deeply committed to being a trusted partner for our Fixed Income Capital Markets clients. That's why we continue to build a national team of experienced professionals who can add value through knowledge, innovation and service.

Through strong markets and weak, Baird has remained committed to building one of the most effective fixed income teams in the middle market. During the past five years, our Sales and Trading and Public Finance teams have each grown by 45%. Our 111 institutional sales, trading and analytics professionals serve clients from 27 offices nationwide. We have expanded our Public Finance team to 63 bankers and analysts in 14 offices across the country. Our investment in these experienced professionals has enabled our fixed income teams to broaden our account coverage, deepen our analytical skills and expand our product offering while competitors have downsized or exited the business entirely.

Fixed Income Sales and Trading

The enhanced depth and stability of Baird's Sales and Trading desks have enabled us to achieve two key priorities for our clients: long-term account coverage with an in-depth understanding of their needs, and the ability to provide highly customized portfolio analysis and solutions that align with their objectives. These capabilities, combined with our expansion across the country, have facilitated deeper relationships with large national clients, which helped drive increased sales and trading volumes during 2012.

Baird's ability to provide clients with broad, balanced distribution through a closely coordinated national network underlies the strong pickup in Baird's share of competitive and negotiated issues in 2012. We ranked fifth nationally in competitive municipal underwritings of all sizes, based on par value, according to Thomson Reuters.

Public Finance

The extreme cyclical low in state and local financings experienced in 2011 gave way to pent-up demand in 2012 as municipalities took advantage of historically low interest rates to refinance their debt obligations. The deep relationships that our Public Finance professionals have forged with local authorities, and maintained with proactive, value-added advice through all types of markets, led to dramatically improved activity during the year. As a result, the total par value of municipal issues we book ran in 2012 climbed 55% over 2011 activity, outpacing the industry's 30% increase in issue values, according to Thomson Reuters' data. In 2012, Baird was again the No. 1 municipal bond underwriter nationwide, based on the number of issues.

For the fifth time in eight years, a Baird-advised transaction was named Deal of the Year by The Bond Buyer. The transaction, which represented the two largest financings in Michigan public finance history, involved creating a new model for the way unemployment insurance debt is issued.