CPPI-Linked Credit Gains Ground In Japan

Credit derivative products incorporating constant proportion portfolio insurance are starting to make inroads in Japan, on the back of growing client comfort with the concept.

  • 31 Mar 2006
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Credit derivative products incorporating constant proportion portfolio insurance are starting to make inroads in Japan, on the back of growing client comfort with the concept. While European investors got familiar with CPPI by investing in capital-protected mutual funds and hedge funds, Japanese investors have tended to invest directly in the funds and therefore been more apprehensive when it comes to applying the strategy to credit.

Credit houses have been educating clients on strategies in recent months and a handful of deals have been completed. So far, both credit index-linked structures and managed credit strategies that employ CPPI have been sold in Japan. "It's still a marginal business, but after a track record is built up I expect this to really take off by the end of the year," said a credit head at a European house in Tokyo. He continued, however, that in addition to increasing awareness of the capital protection mechanism, when it becomes clearer what treatment such products will receive under the Basel II accords, there should be greater take-up from clients.

  • 31 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
  • 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
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%