Commerz Launches Fixed-Income Derivatives Trading Book

  • 15 Jan 2001
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Commerz Securities last week launched a fixed-income derivatives trading book in Tokyo. It has been preparing the move for some time (DW, 5/22), but has waited for the opportune moment to pull the trigger. With Japanese equity markets performing badly, there are now greater profit opportunities for retail products with embedded fixed-income and credit derivatives, said Philippe Avril, business manager in Tokyo. Also, Japanese yen interest-rate volatility has started to pick up in the last few weeks, he said.

Commerz plans to market to clients structured products such as callable bonds and credit-linked notes, and to a lesser extent plain-vanilla interest-rate swaps. Swaps will be less of a client focus—that market is dominated by Japanese banks and with business so competitive, margins are wafer thin, Avril said.

Commerz hopes to gain market share by leveraging off informal partnerships it has forged recently with a number of Japanese regional securities houses. The partnerships give Commerz access to a wider retail client base, Avril explained.

As part of the push, Commerz last week hired Pawan Kalia, a director and swaps trader at UBS Warburg in Tokyo, as a fixed-income trader. In early December it hired Alain Groshens, an interest-rate derivatives trader at SG in Tokyo, to the new position of exotics trader. Both report to Russell Worth, who heads the fixed-income team.

At UBS Warburg Kalia reported to Keiichi Tanaka, head of derivatives trading in Tokyo, according to a spokeswoman, who declined to provide further details. Tanaka did not return calls.

  • 15 Jan 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%