CDO Trading Freedoms Tipped To Rise

The degree of trading flexibility given to third-party synthetic collateralized debt obligation managers is tipped to increase.

  • 05 May 2006
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The degree of trading flexibility given to third-party synthetic collateralized debt obligation managers is tipped to increase. Arrangers are looking to allow managers to use more long/short strategies and curve plays, such as steepeners, in underlying credit portfolios. "Dealer correlation desks are realizing straight forward portfolio constraints are not what the investment community is looking for any more," said one London-based credit structurer.

At present, the majority of managed CDOs only allow managers to trade out and substitute deteriorating credits. This may change, however, as the economic interests of managers and the performance of the underlying portfolio become increasingly aligned. "The higher the alignment of interest, the higher would be the manager's trading flexibility," wrote analysts at Fitch Ratings in a recent report.

  • 05 May 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
  • 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%