Calpine CDS Remedy Set To Be Finalized

  • 03 Jan 2006
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A draft protocol for settling credit-default swaps on controversial classes of Calpine debt is expected to be finalized this week. The International Swaps and Derivatives Association released a preliminary 2006 Calpine CDS Protocol Dec. 30, 10 days after the U.S. power supplier filed for bankruptcy protection, and lawyers said they expect it to be open to adherence by Thursday.

The draft, which aims to resolve a dispute over the deliverability of some USD3.1 billion non-index contingent-convertible notes (DW, 12/26), deems the 6% contingent convertibles due 2014 deliverable obligations, and the 7.75% contingent convertibles due 2015 not deliverable. "The solution smacks of a compromise, but it is one everyone is happy with," said a lawyer representing dealers. "The draft published on ISDA's website is fully endorsed by the dealers."

It is unclear how clients are responding to the draft--lawyers said it was difficult to get them on the phone over the holiday week--but dealers are busy calling their clients "The situation is still fairly fluid," a lawyer said. "But it needs to get resolved pretty quickly."

  • 03 Jan 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 352,540.12 1323 9.09%
2 Bank of America Merrill Lynch 315,574.44 1093 8.13%
3 JPMorgan 314,826.88 1433 8.11%
4 Goldman Sachs 234,193.07 776 6.04%
5 Barclays 226,473.92 879 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,312.86 161 6.59%
2 Deutsche Bank 34,194.98 116 6.57%
3 Bank of America Merrill Lynch 31,113.25 94 5.98%
4 BNP Paribas 27,479.75 167 5.28%
5 SG Corporate & Investment Banking 23,982.83 136 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.91%
2 Morgan Stanley 16,323.54 83 7.44%
3 Citi 15,667.80 92 7.14%
4 UBS 15,208.47 58 6.94%
5 Goldman Sachs 13,487.36 72 6.15%