Trading
We focus on your needs, not just the latest trends.
Good ideas result from research conducted with an understanding of what a client needs – and what the market can offer. That’s just the sort of approach you can expect from Raymond James.
Our trading desks focus on the ultimate goals of our clients. We closely examine market moves to uncover relative value. We review portfolios to identify opportunities and challenges in both current and potential future market conditions. And our recommendations are made solely in the interest of your profitability while managing risk and pursuing your investment guidelines.
Unlike many firms on Wall Street, we are not restricted to our own products. Typically carrying more than $1.5 billion in total fixed income inventory, we view and select inventories from diverse sources.
With about one trader to every three salespeople, and an average of more than 21 years’ experience per trader, Raymond James makes every effort to close a deal better than anyone else.
Investing involves risk and you may incur a profit or loss regardless of strategy selected.
Corporate
The Raymond James Corporate Trading Desk activity is centered on our customers and their need for liquidity. While a modest portion of trades are inter-dealer, the majority of transactions facilitate a client’s need to buy and sell securities. Our diverse sales force allows us to distribute all types of corporate securities to a wide array of accounts. With total fixed income inventory lines at over $1.5 billion, we have flexibility to accommodate our accounts when circumstances permit.
Corporate bonds are based on research, experience, intuition – and more research. Our corporate effort is supported by dedicated analysts who evaluate credits, make relative value recommendations and develop portfolio strategies. We don’t just look for opportunities that will make our clients a dollar; we look to protect investments from declining fundamentals and credit deterioration.
Raymond James seeks to add value for our customers by evaluating niche sectors and the second tier of issuers – areas Wall Street tends to overlook. We take our obligation to write objective, unbiased research very seriously. Our clients have come to expect us to have credit opinions backed up by critical thinking and sound fundamental judgment.
Government
Trading Philosophy
Our trading philosophy follows our company philosophy – customer driven. We buy and position bonds in support of our clients. And unlike most firms on Wall Street, we’re not restricted to just our own products. We view and select securities from all over. We align our buying with the specific needs of our clients – whether seeking relative value in new structured issues or tapping undiscovered value in secondary markets. It’s not just how we think. It’s how we do business.
Underwriting Capabilities
Raymond James is one of the more active firms in the agency underwriting business. We are underwriters for all the GSEs including Federal Farm Credit, Federal Home Loan Bank, Freddie Mac, Fannie Mae, Farmer Mac and World Bank. Raymond James is a member of the callable bidding groups with Federal Farm Credit and the Federal Home Loan Bank. We are also in the discount note selling groups of Federal Home Loan Bank, Freddie Mac and the Federal Farm Credit
Our goal in underwriting is to structure and buy on the auctions securities that fit the needs of our clients. The firm is active in new issue agency underwriting on a daily basis, which gives our customers the most current investment opportunities in the new issue agency market. Raymond James structures GSE products that specifically fit the needs of our customers, and we provide excellent liquidity for these bonds once trading in the secondary market.
Trading Personnel
A good trade isn’t made by a company. It’s made by a team of individuals, experienced in what they do and well-versed in the customer’s needs. With an average of more than 25 years of experience per trader, Raymond James prides itself on closing a deal better than anyone else. And it starts at the top. Bill Mueller, head of the Government Desk, is joined by some of the top professionals in the market, including three line traders. In addition, we have dedicated traders who head up the structured product area where we underwrite new issue agencies. With Raymond James, you find the experience and the attitude intended to provide the best execution – every time.
Inventory Positions
The Government Desk positions up to $500 million in new issue and secondary agencies along with money market instruments. The desk also works daily on underwriting new issues. And in keeping with our customer focus, we are committed to increasing positions to whatever level is needed to satisfy investor demand. Raymond James Government Desk is committed to actively making a secondary market in all government sponsored agencies, especially those issues we underwrite, providing you with the options for execution that meet your individual portfolio needs.
Mortgage-Backed
Our trading philosophy follows our company philosophy – customer driven.
We buy and position bonds in support of our customers. And unlike most firms on Wall Street, we’re not restricted to just our own products. We view and select inventories from a variety of sources. Typically carrying in excess of $1.5 billion in total fixed income inventory, we align our buying with the specific needs of our customers – whether seeking relative value in new-issue structured product or tapping undiscovered value in the secondary markets.
Trading Personnel
A good trade isn’t made by a company. It’s made by a team of individuals, experienced in what they do and well-versed in the customer’s needs. You’d be hard-pressed to find a more experienced group anywhere. The eight full-time traders on the Mortgage-Backed Securities Desk average 18 years each in the business and focus their efforts on the main sectors of the mortgage-backed market. Those sectors include: fixed-rate pass-through securities, adjustable-rate pass-through securities and collateralized mortgage obligation securities. Our trading desk has grown to handle a total annual volume of more than $45 billion in mortgage-backed securities.
Inventory Positions
Our philosophy and business model is simple. We use our inventory positions and capital to execute trades on behalf of our clients. We are not interested in proprietary positioning for short-term trading gains for our firm. The combination of experienced professionals and outstanding research has allowed Raymond James to generate new products and produce early, accurate calls. With excellent relationships with several major Wall Street firms, the desk has access to an extensive supply of product, ensuring that your needs can be met quickly, effectively and professionally.
Municipal
The Raymond James Public Finance group is a perennial top 10 underwriter nationally of municipal bonds, a ranking we have consistently achieved for more than a decade. This ranking pays testament to our unwavering commitment to innovation, client service and superior execution.
The 41 trading and underwriting professionals on our eight municipal desks average more than 20 years in the business, handling 417 issues worth more than $13.041 billion as senior manager in 2022 alone.
SBA/USDA
Raymond James has been actively involved in the purchase and sale of government guaranteed loan products for over 20 years. We have continued to be an active pool assembler of government guaranteed loans since the loan pooling program began in 1984. The universe that we cover includes not only SBA (Small Business Administration) 7(a) and 504 loans, but also USDA Rural Development/Business and Industry (United States Department of Agriculture), FSA (Farm Service Agency) loans, and fixed-rate SBAP and SBIC securities.
As regulations and mandates evolve, we strive to provide unparalleled service and solutions to our customers involved in underwriting government-guaranteed loan products. As a full service, national brokerage firm, and member of the National Association of Government Guaranteed Lenders (NAGGL), we have the depth and the credentials to help.
Please feel free to contact us with any questions you may have at 877.336.8063 or sbadesk@raymondjames.com.
Whole Loan Trading
The Raymond James Whole Loan Trading Desk has been active in the secondary loan market for over two decades. We specialize in delivering exceptional service while analyzing clients’ loan portfolios and assisting them with the buying and selling of their loans.
Learn more about our Whole Loan Trading Desk.Past performance does not guarantee future results.
eFolio®
eFolio® is the first truly interactive proprietary online portfolio management system for institutions, giving you constant access to your portfolio and Raymond James’ inventory and research. Interact with your portfolio online, run what-if scenarios, shock your portfolio using interest rate assumptions and more.