Credit Analysis Capabilities

Expert analysis underlies every recommendation we make.

HJ Sims bankers, traders, underwriters and institutional sales professionals rely heavily on the timely and insightful reviews performed by our senior credit analysts. From seats on the trading desk, to project sites, to broadcast studios, members of our analytic team offer bond assessments, informed views and actionable investment ideas. This in-depth analyses of risk and sector outlooks fuel our daily efforts to secure value and quality for clients and sustain our reputation for exceptional service.

Highly experienced analysts

HJ Sims credit analysts are highly experienced professionals who review the spectrum of municipal and corporate credits from investment grade to non-rated, high yield. Using fundamental methods and practical approaches, these experts incorporate their understanding of current events and industry dynamics into in-depth assessments of the strengths and weaknesses of specific municipal and corporate credits.

Our credit analysts support the firm’s underwritings, limited offerings and secondary market trading. The evaluations they provide are original and involve a comprehensive review of security provisions and covenants; none rely upon bond insurance or on ratings assigned by Moody’s, Standard & Poors and Fitch.

Singled out for their expertise in key credit sectors and topics, HJ Sims senior analysts are often contacted by mainstream and trade media to provide expert commentary on hot topics, current trends and developing news.

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Underwriting focus

It’s an HJ Sims requirement that our borrowing and issuing clients commit to continuing public disclosure. The deals that we underwrite assure regular reporting of key ratios to the public repository, and through us, to interested bondholders. Post issuance, we provide a thorough sales analysis with comparative pricing to our banking clients, tracking each of our financings via direct contact with project principals to monitor overall progress, fiscal health and covenant compliance.

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Investment surveillance

HJ Sims provides asset management services through our affiliate, HJ Sims Advisors, Inc. (HJSA). The analysts at HJSA continuously review more than $400 million in limited offerings placed since 1997 and carefully monitor budget preparation, performance management and investor reporting.

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Secondary market analysis

Investors consider HJ Sims to be a trusted source for bonds in the secondary market for one good reason: we do our credit work. The bonds we show to our investing clients have been evaluated by our senior analysts for creditworthiness, and by our traders for price and yield. Reviews include:

  • Offering documents
  • Current financial statements
  • Material event postings
  • Trade publications
  • Recent rating agency reports.

Matching bond purchases, industry news, material event notices, unusual trading activity, and/or institutional account inquiries will trigger surveillance of the credit and, in some cases, the locality and sector.

HJ Sims’ Income Advisors and traders receive initial and updated credit analyses via an online, proprietary database. Select reports are approved for client and external distribution.

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Expert commentary

HJ Sims fixed income professionals disseminate select industry and sector reports, including:

  • Senior living
  • Health care
  • Municipal bond defaults
  • Public pension funds
  • Securitized tobacco bonds
  • Municipal bond insurance.

We publish weekly fixed income commentary for our clients and hold frequent internal and institutional investor calls. Our firm hosts annual conferences to highlight our banking and analytic capabilities, and our credit analysts appear on numerous industry panels. In addition, they have been called upon to provide expert testimony during US Congressional committee hearings.

Richard P. Larkin, HJ Sims’ director of credit analysis, is a nationally recognized, award-winning analyst who has appeared on CNBC, Bloomberg TV and Fox Business News and has been widely quoted in numerous media outlets including The Wall Street Journal, BusinessWeek, Bond Buyer and Bloomberg.

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