In response to the market downturn and client demand, JonesTrading Institutional Services, a Westlake Village, Calif.-based agency brokerage that provides block trading services for U.S. and Canadian securities, has added distressed debt to its available instruments. Applying its model to distressed debt will result in "a competitive alternative to traditional capital-intensive or electronic mechanisms," said the firm in a statement.
"Jones has a very active distressed equity business as part of their entire equity platform and it just made sense to facilitate what the clients really need, which is an ability to do both distressed debt and equity," said Kerry Stein, who in January joined JonesTrading as managing director and head of the distressed debt group. "Because of what's going on in the market we were able to keep the same model we use for equity and ... apply it to the debt world."
|
