Cheyne Offers Rated Equity

Cheyne Capital in London is managing and marketing globally its first equity tranche with an investment-grade rating.

  • 20 Oct 2006
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Cheyne Capital in London is managing and marketing globally its first equity tranche with an investment-grade rating. The USD400 million deal, structured by Deutsche Bank and dubbed Cheyne Mezzanine Premium Notes, combines equity and mezzanine risk for an A3 rating of both principal and coupons.

The initial reference portfolio consists of European and U.S. corporate credits, and may split into two portfolios for equity and mezz. The notes will be issued in both euros and U.S. dollars. Officials close to the deal expect it to outperform traditional synthetic mezz deals with the same rating. Neil Servis, head of CDO origination and distribution at Deutsche Bank in London, Nitin Prabhu, head of structured credit trading at Deutsche Bank in London, and John Weiss, portfolio manager at Cheyne, declined all comment ahead of the deal's close.

Credit structurers and collateralized debt obligation managers are racing to ramp rated equity deals to exploit value in the lower part of the capital structure (DW, 8/25). Credit Suisse and Cairn Capital also are in the market with a deal and a slew of firms including BNP Paribas and UBS reportedly are looking for managers. Calls to these firms were not returned by press time.

  • 20 Oct 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
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
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%