to identify debt issues that provide a combination of high yield plus capital appreciation over the short to medium term. Public Finance The company’s public finance department advises and raises capital for state and local governments, public agencies, private developers and other borrowers. The group assists its clients by developing and executing capital financing plans that meet its clients' objectives and by maintaining national institutional and retail securities distribution capabilities. Public finance bankers have expertise in specific areas, including local governments and municipalities, primary and secondary schools, post-secondary and private schools, state and local transportation entities, health care institutions, senior-living facilities, public utility providers and project financing. In addition to underwriting longer-term municipal securities, the company provides advice to municipal issuers with respect to the timing and issuance of short-term municipal notes, which the company then underwrites and distributes, as well as short-term notes for bridge financing of real estate projects. Municipal Trading The company has regionally based municipal bond trading desks serving retail financial advisers within their regions. These desks serve the company’s financial advisers in supporting their high-net-worth clients' needs for taxable and non-taxable municipal securities. The company also maintains an institutional municipal bond sales and trading effort focused on serving mid-tier and national institutional accounts. The Institutional desks assist in underwriting municipal securities originated by its Public Finance Department. These desks serve the company’s financial advisers in supporting their high-net-worth clients' needs for taxable and non-taxable municipal securities. Proprietary Trading division In the regular course of its business, this division takes securities positions as a market maker and/or principal to facilitate customer transactions and for investment purposes. Equities The company acts as both principal and agent in the execution of its customers' orders. The company buys, sells, and maintains an inventory of a security to ‘make a market’ in that security. Fixed Income The company trades and holds positions in public and private debt securities, including non-investment grade and distressed corporate securities, as well as municipal securities. Through the use of securities sold under agreements to repurchase and securities purchased under agreements to resell, the company acts as an intermediary between borrowers and lenders of short-term funds and provides funding for various inventory positions. Proprietary Trading and Investment Activities The company holds positions in its trading accounts in securities in which it does not make a market and might engage from time to time in other types of principal transactions in securities. The company has various trading departments, including a convertible bond department, a risk arbitrage department, a corporate bond department, a municipal bond department, a government/mortgage backed securities department, and a department that underwrites and trades the U.S. government agency issues, taxable corporate bonds, preferred shares, unit investment trusts and short term debt instruments. These departments continually purchase and sell securities and make markets to make a profit on the inter-dealer spread or to profit from investment. In addition, the company and OAM hold proprietary positions in equity or fixed income securities in which it might not act as a dealer. The company, through its subsidiaries, holds investments as general partner in a range of investment partnerships (hedge funds, fund of funds, private equity partnerships and real estate partnerships), which are offered to the company’s hedge fund-qualified clients and on a limited basis to qualified clients of other broker-dealers. Securities Lending division In connection with both its trading and brokerage activities, this division borrows securities to cover short sales and to complete transactions in which customers have failed to d
oppenheimer holdings-cl a (OPY:New York)
85 Broad Street
New York, NY 10004
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