Slumping Vol Hits Korea Structured Note Mart

  • 28 Mar 2006
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Declining equity volatility in recent weeks has taken the sails out of the structured note market in Korea as pricing has become less attractive. "Single-stock vol has declined sharply," said an official at ABN AMRO. For example, realized volatility on Shinhan Financial Group has fallen from around 40% last year to 25%. It has become difficult to price equity-linked notes--a massive local business in the last few years--at attractive levels. "The margin for a deal we were holding and preparing to issue was wiped out within three days," said a senior equity derivatives marketer at a bulge bracket house.

Specialists attributed falling vol to many participants' belief the market has peaked after last year's strong run and will likely remain range-bound. The KOSPI index is down over 3% for this year after a 50% rise in 2005. Equity officials lamented this year will be challenging for equity derivative structurers at international houses, not only because of falling volatility, but also from the increased presence of alternative products such as traditional mutual fund houses offering foreign exposure.

  • 28 Mar 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
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 5,440.56 17 10.74%
2 Deutsche Bank 4,468.97 23 8.82%
3 UBS 3,742.72 17 7.39%
4 Citi 3,393.89 23 6.70%
5 Goldman Sachs 3,360.93 18 6.63%