Analysts at a small group of top US investment banks have largely dominated a closely-watched ranking of fixed income researchers, as the Covid-19 crisis has continued to squeeze buy-side budgets.

JPMorgan is the number one ranked investment bank in Institutional Investor's 2020 fixed income research rankings, knocking Bank of America from the top spot. Barclays has jumped into third place, while Citigroup and Morgan Stanley are joint fourth.