Insurers and asset managers bought up the bulk of telecom bonds...

TOP U.S. HOLDERS 1. PRUDENTIAL GLOBAL ASSET MANAGEMENT $4.7 BILLION 2. METROPOLITAN LIFE INSURANCE 3.9 3. FIDELITY MANAGEMENT RESEARCH 3.8 4. CALIFORNIA PUBLIC EMPLOYEES RETIREMENT 3.8 5. AMERICAN GENERAL INVESTMENT 2.7 6. STATE FARM INSURANCE 2.4 7. NEW YORK LIFE INSURANCE 2.5 8. ZURICH SCUDDER INVESTMENTS 2.5 9. WELLINGTON MANAGEMENT CO. 2.1 10. NORTHWESTERN INVESTMENT MANAGEMENT 2.0

Data: Capital Access

...while banks have extended billions in syndicated telecom loans

TOP ISSUERS SINCE 1999 1. J.P. MORGAN CHASE $66.0 BILLION 2. BANK OF AMERICA SECURITIES 38.8 3. GOLDMAN SACHS 20.3 4. SALOMON SMITH BARNEY 20.1 5. CREDIT SUISSE FIRST BOSTON 10.5 6. TD SECURITIES INC. 8.7 7. FIRST UNION CORP. 3.6 8. BANK OF NEW YORK 3.5 9. LEHMAN BROTHERS 3.1 10. MERRILL LYNCH & CO. 3.0

Data: Thomson Financial Securities Data

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