Fresh from a reorganization of its debt capital markets business, U.S. Bancorp Piper Jaffray says it has no plan to build the kind of one-stop, fixed-income shop seen in large commercial banks.

Instead, the Minneapolis-based securities and investment banking unit - formed when U.S. Bancorp bought regional brokerage Piper Jaffray Companies in May 1998 - will home in on two debt capital markets areas in which it already has strengths: municipal bond underwriting and taxable bond sales.

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