EM Sovereign CDS Tighten

Default protection on single-name emerging market sovereigns has tightened across the board this week on the back of a pause in U.S. interest rate rises.

  • 11 Aug 2006
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Default protection on single-name emerging market sovereigns has tightened across the board this week on the back of a pause in U.S. interest rate rises. The move was also prompted by improving political and economic environments in several countries. The single-name draw-in follows a three-month tight in the CDX emerging market index last week (DW, 8/7).

Traders said Ukraine led the tightening in Europe, with credit spreads swooping in to 175 basis points from 210 bps week ago and 280 bps in June. The rally was attributed to an injection of political stability after President Viktor Yushchenko nominated his long-standing rival Viktor Yanukovych as the new prime minister.

In the Americas, the benchmark Latin American credit Brazil drew in 130 basis points Tuesday from 200 bps in June. "All the emerging markets have started moving in and look like they are not going to stop in the short term," said one trader.

  • 11 Aug 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 34,591.50 163 6.58%
2 Deutsche Bank 34,293.84 117 6.53%
3 Bank of America Merrill Lynch 31,293.04 95 5.96%
4 BNP Paribas 27,578.61 168 5.25%
5 SG Corporate & Investment Banking 23,982.83 136 4.56%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.86%
2 Morgan Stanley 16,323.54 83 7.32%
3 Citi 15,946.50 94 7.15%
4 UBS 15,487.17 60 6.95%
5 Goldman Sachs 14,053.61 76 6.30%