OTC Buy-Write Strategies Pick Up

  • 07 Feb 2006
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Over-the-counter buy-write strategies, in which investors buy equity indices and sell covered calls on the single stocks, have become increasingly popular in the U.S. Buy-write plays work best in falling or flat markets, cushioning downside moves and lessening overall volatility.

The strategy is primarily exchange-traded, but growing in over-the-counter popularity. "Fund managers are quietly using the OTC market to avoid volatility and get better execution on expiration Fridays," one official said.

Buy-write indices, such as the Chicago Board Options Exchange's BXM, BXD and BXN, measure the performance of a theoretical portfolio of stocks indexed to the Standard & Poor's 500, Dow Jones Industrial or NASDAQ100 indices, respectively (DW, 10/14). Covered calls generate two streams of income: dividend and call premium. Keith Styrcula, founder of the Structured Products Association, said options on buy-write indices helped the Chicago Board Options Exchange see record volumes last year.
  • 07 Feb 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%