Corporate debt instruments are issued by companies and represent financial obligations of a corporation that have priority over its common stock and preferred stock in the case of bankruptcy. Corporate debt instruments can incorporate the following instrument types:
1) corporate bonds, 2) medium-term notes, and 3) commercial papers. Depending on the issuer of these securities, corporate bonds can be sub-divided into classifications which include utilities, transportations, industrials and bank/finance companies. According to BMA statistics, the outstanding level of corporate debt amounted to USD4.8 trillion in Q1 2005, with daily trading averaging USD23 billion amongst the primary dealers.
ICAP's presence in the corporate debt marketplace is represented by the strength of its two subsidiaries: ICAP Corporates LLC and First Brokers LLC. Each entity operates separately and individually to offer our clients a breadth of coverage and product strength amongst the sectors we specialise in.
