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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 JPMorgan 8,369.56 33 8.53%
2 UBS 8,282.28 33 8.44%
3 Citi 6,605.58 44 6.74%
4 Goldman Sachs 6,444.85 31 6.57%
5 Bank of America Merrill Lynch 6,215.31 24 6.34%