The Banker: 2006 » Investment Banking Awards 2006 . Lehman Brothers’ pioneering spirit has put the firm at the forefront of credit derivatives product design and market development. By continuing to foster that spirit, it has secured this year’s award. In the past year, Lehman developed the first ever rated synthetic equity structure that enables traditional investors who need a rating to access cheap equity.The structure takes advantage of the relative value of junior parts of the capital structure while providing protection to return against defaults. To date, $2bn of risk has been placed and the new issue pipeline is strong. “With these kinds of products, we have made it easier for more traditional types of investors, such as money managers and insurance companies, to invest in the structured area for the first time,” says Lisa Watkinson, global head of structured credit business development at Lehman Brothers. Lehman also pioneered the development of preferred credit default