Rated CPPI Pipeline Swells

Portfolio managers and ratings analysts said the pipeline for fully-rated credit constant proportion portfolio insurance deals is swelling and inquiries are picking up.

  • 22 Sep 2006
Email a colleague
Request a PDF

Portfolio managers and ratings analysts said the pipeline for fully-rated credit constant proportion portfolio insurance deals is swelling and inquiries are picking up. Peter Meijer, v.p. in synthetic structured credit at JPMorgan in London, said interest in the USD4 billion CPPI market is especially strong among institutional investors, which traditionally account for only about 40% of the investor base. Under Basel II, bank investors will need a rating for both the principal and coupon of credit investments.

Alexandre Linden, director at Fitch Ratings in London, said there is also interest in constant proportion debt obligations, a CPPI variant in which the coupon is rated, but the principal is not protected. "This is the busiest time ever," he said, adding several deals are ready to close this month.

  • 22 Sep 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%