TABX Launches Into Volatile Market

The launch of the tranched ABX, known as TABX, got off to an expected slow start last week as dealers waited to see who blinked first given the weight of bad news from mortgage lenders stirring up the cost of protection on asset-backed securities.

  • 16 Feb 2007
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The launch of the tranched ABX, known as TABX, got off to an expected slow start last week as dealers waited to see who blinked first given the weight of bad news from mortgage lenders stirring up the cost of protection on asset-backed securities. Traders reported genuine interest in the correlation index based on the 06-02 and 07-01 vintages of the ABX. But many noted calls they received last week were from investors poking around for two-way prices. "This would definitely be a natural product for a buy and hold investor, but right now the mark-to-market hedge fund players are driving everything," noted a trader. As of Wednesday afternoon, several dealers reported that no indicative prices had been shown.

Markit Group, the index administrator, is in the process of getting the tranches rated and those ratings are expected within the next couple of weeks, an official said. Markit expects the ratings to boost interest in the index.

  • 16 Feb 2007

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,935.16 104 7.16%
2 Deutsche Bank 25,125.19 81 6.94%
3 Bank of America Merrill Lynch 22,023.57 59 6.08%
4 BNP Paribas 19,315.94 110 5.34%
5 Credit Agricole CIB 18,706.93 106 5.17%

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%