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
  • 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
  • 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%