Conn. Manager Tests Hybrid Waters

NIBC Credit Management, a USD5.4 billion portfolio manager, is managing its first hybrid collateralized debt obligation.

  • 12 May 2006
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NIBC Credit Management, a USD5.4 billion portfolio manager, is managing its first hybrid collateralized debt obligation. The USD1.3 billion deal, called Orion 2006-1, is the Greenwich, Conn., firm's fourth CDO under management, but its first referencing synthetic collateral.

Orion will consist of 72% credit-default swaps on primarily investment-grade residential mortgage-backed securities and the rest in cash securities. It is expected to close the end of May. The CDS contracts are structured under the recently released 2006 International Swaps and Derivatives Association Pay As You Go template. Alex Stetkevych, senior portfolio manager for CDOs at NIBC, was traveling and could not be reached for comment. Ally Chow, head of structured credit management and syndicate at Calyon, which structured the deal, declined comment.

Jeffrey Berkes and Nathan Flanders, analysts at Fitch Ratings in New York, said Orion is structured similarly to other hybrid deals, but is interesting because it represents a market move toward hybrid structures. "More traditional cash deals are increasing synthetic buckets," Berkes said. "Investors on the sidelines and asset managers waiting to see how the mechanisms work are becoming more comfortable with hybrid structures."

  • 12 May 2006

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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%

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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%