Taxable Fixed Income Sales and Trading

Our institutional sales and trading effort offers the highest level of client service for fixed income portfolio managers and analysts. Our salespeople, who have an average of 20 years of industry experience, along with Oppenheimer's brand and nationwide network, afford our firm the special opportunity of having a sales force located across the country, providing the best client service possible. Through our U.S. offices as well as our London, Hong Kong and Tel Aviv offices, our sales effort reaches over 1,500 domestic and international fixed-income investors. Oppenheimer's sales force is backed by the resources of our full-service global financial institution.

Our institutional trading effort is committed to the excellence demanded by clients in achieving best execution for fixed-income trading. With fixed-income trading desks located in London and Hong Kong as well as our primary New York trading desk, the firm offers outstanding service levels and attention to fixed income trading desks globally. We make markets in fixed income securities globally with a focus on U.S. Government securities, investment-grade and high-yield products along with emerging markets; all covered by Oppenheimer's Fixed Income Research Department.

Government Trading and Finance

Oppenheimer is a full-service institutional U.S. Treasury and Agency dealer. We underwrite, distribute, trade and finance all the various maturities of Treasury and Agency issuances. We are a full netting member of the General Securities Clearing Corp. and use repos to fund desk and firm positions, as well as providing balance sheet liquidity to select customers. We are a direct bidding participant in Treasury auctions and actively provide electronic pricing to customers through the Bloomberg FIT platform, as well as traditional inquiry.

In Agency product, we structure/underwrite directly with FNMA, Farmer Mac, FHLB and FHLMC. Our products include Discount Notes, Callable Securities, Bullets and Floating Rate Instruments. Additionally, we are actively involved in positioning and secondary distribution of all GSE Securities.

Credit Trading

Emerging Markets

• More than 30 professionals globally based in New York, Miami, Atlanta, London and Hong Kong

• Serving over 1,000 Institutional accounts in over 60 counties - dedicated Tier I sales coverage

• Trading both emerging markets corporates and sovereigns in Latin America, Europe and Asia

• Focus on the Carribean and Central American Regions

• 24-hour global trading book

High-Yield

• Team of almost 20 professionals with 12 dedicated high-yield sales professionals, 3 traders and 4 research analysts

• Coverage of more than 350 accounts ranging from insurance companies, mutual funds and hedge funds

• Analysts follow more than 250 issuers

Investment-Grade

• More than 100 institutional sales professionals covering a wide variety of investment grade accounts across the spectrum. The desk covers approximately 1,500 active accounts, including: insurance companies, mutual funds, hedge funds and money managers

• Trading desk (3 traders) has an average tenure of almost 24 years in the financial services industry (more than 70 years combined) and transacts in the entire universe of investment-grade securities, including: globals, Euro Medium-Term Notes, 144A and RegS

• Covers the entire universe of investment grade issuers including: domestic and yankee banks, brokers, finance companies, insurance companies, pipelines, energy, oil and gas, chemicals, paper, aerospace/defense, metals/mining, reits, utilities, telecom/media, healthcare and pharmaceuticals, consumer products, retailers/grocers, universities, hotels, military housing and rails/transport

Mortgage Backed Securities Trading

• More than 60 institutional sales professionals covering a wide variety of accounts across the spectrum. The desk covers approximately 600 active accounts, including: insurance companies, mutual funds, hedge funds, money managers and commercial banks/credit unions.

• Trading desk (3 traders) has an average tenure of approx. 20 years each in the financial services industry (more than 70 years combined) and transacts in the entire universe of mortgage backed securities, including: agency and non-agency CMOs/derivatives, specified pools, pass-throughs and adjustable rate mortgages.

• Capabilities include both Agency secondary and new issue trading, CRA (Community Reinvestment Act) eligible mortgage backed pass-throughs, SBA paper and all types of fixed/floating rate MBS In addition to the tier 1 investment grade effort, Oppenheimer is a leading market maker in retail size mortgage backed agency and non-agency securities.