Karine Elias & team
Barclays
Barclays debuts at No. 3. London-based Karine Elias heads the two-person team, which also claims the second-tier spot in High-Yield Retailing/Consumer Products. The analysts track some 60 issuers and are “particularly independent in their insights,” according to one pension manager in the U.K. Owing to declining demand and in expectation of only modest growth in regional disposable income, the crew is underweight on the sector — with the exception of bonds issued by Pernod Ricard, thanks in part to the French spirits producer’s exposure to high-growth emerging markets, primarily in Asia, and significant reductions in debt. “Barclays provides consistently smart coverage,” attests one fund manager in New York. — Ben Mattlin