Bond markets are back in the spotlight as long term Treasury yields press near recent highs, oil prices reflect the Iran conflict, and Big Tech taps investors to fund AI ambitions. Rising borrowing costs can reshape how corporate bond deals get done. That is why this is a useful moment to look at three U.S. investment banks and securities dealers that are closely exposed to these cross currents.

The stocks highlighted below are just a starting sample. The full screen surfaced 32 more U.S. corporate bond market intermediaries and underwriters with equally compelling narratives that are not covered in this article. If you want to go deeper into this theme right now, head straight to the U.S. Corporate Bond Market Intermediaries and Underwriters screener to identify, filter, and analyze the highest conviction ideas for your watchlist.

Cohen & Steers (CNS)

Cohen & Steers is a New York based asset manager that builds real asset and income focused funds for institutions and individuals, which ties it to the corporate bond ecosystem through its preferred securities and fixed income strategies rather than direct underwriting. The company generates all of its roughly $583.9 million of revenue from asset management fees and has a global client base, although most revenue comes from North America. With a market cap of about $4.2b, Cohen & Steers sits in the mid sized range of U.S. capital markets companies.

Rising long term yields and heavier bond issuance are pushing investors to rethink how they balance income, inflation protection and risk. This is exactly the problem set Cohen & Steers tries to solve with its real assets and preferred securities funds. The launch of products like the Real Assets Active ETF and credit focused strategies, along with a large awarded but unfunded mandate pipeline, gives the company several ways to grow fee revenue if it can keep performance and distributions attractive. The flip side is meaningful exposure to real estate and infrastructure cycles, pressure from cheaper passive products, and questions around dividend coverage and non cash earnings quality. If you are looking for an asset manager geared to a higher rate, more volatile world, Cohen & Steers is worth a closer look.

Cohen & Steers is leaning into a higher rate world with real assets and preferreds, yet the real story may be how its fee engine holds up through real estate cycles. Get the 2 key rewards and 3 important warning signs (1 is major!)

Build your own real asset and income shortlist

Cohen & Steers and the two other stocks in this article all came from a simple screener, but the real value is in tailoring the filters to your own approach. Use our flexible Screener to mix valuation, growth, balance sheet, risk and dividend metrics, or start with any of our curated Investing Ideas.

Moelis (MC)

Moelis is a New York based investment banking advisory firm that fits this corporate bond themed screen through its work on capital markets and capital structure deals, even though it focuses on advice rather than bond underwriting. The company generates all of its roughly $1.6b of revenue from investment banking advisory work across mergers and acquisitions, restructurings and capital markets transactions, serving a global client roster that ranges from multinationals to governments. With a market cap of about $5.6b, Moelis sits firmly in the larger end of independent advisory firms.

Rising long term yields, heavier bond issuance by Big Tech and higher refinancing costs are pushing more companies to reassess their balance sheets. Moelis is geared to that kind of rethink through its capital markets and restructuring teams, which have seen stronger mandates when financing conditions tighten. The firm combines high reported profitability with a record advisory and private capital pipeline, but that comes with real trade offs. You are buying into a business model that depends on transaction fees, carries a high cost base tied to hiring senior bankers and has an uneven dividend history. If you want exposure to corporate debt stress and M&A as a fee pool rather than through owning the bonds themselves, Moelis is a stock worth keeping on your radar.

Moelis is riding a swelling advisory and restructuring pipeline, yet the real puzzle is how that fee engine and dividend profile stack up against its risks. Start with the 2 key rewards and 1 important warning sign

Perella Weinberg Partners (PWP)

Perella Weinberg Partners is a New York based independent advisory firm that earns its keep by helping companies think through mergers, capital structure and financing choices that often sit alongside corporate bond issuance, even though it is not a major bond underwriter or market maker. The business is heavily concentrated in advisory work, which generated about $689 million of revenue, with clients spanning sectors from energy transition to technology and infrastructure. With a market cap of roughly $1.6b, Perella Weinberg Partners is a mid sized listed adviser in the U.S. capital markets space.

Perella Weinberg Partners could interest you if you want exposure to fee income tied to higher rates and stretched balance sheets rather than directly owning corporate bonds. Management points to strong client engagement and a growing pipeline in capital solutions and restructuring, which may benefit from today’s higher for longer yield backdrop and heavier refinancing needs. The flip side is pressure on earnings quality, thin margins and insider selling, which all raise questions about how well that pipeline will translate into durable profits. If you are weighing whether a premium P/E and execution risk are worth paying for this advisory growth story, the next layer of detail really matters.

Perella Weinberg Partners is building an intriguing advisory pipeline, but the real question is how earnings quality and insider moves reshape the story. Read the 1 key reward and 3 important warning signs

Seeking Fresh Alternatives Before Others Notice

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.