Hopes For Japan CPPI Heat Up

Credit derivative houses in Japan are preparing for a flurry of credit products using constant proportion portfolio insurance this quarter.

  • 06 Jan 2006
Email a colleague
Request a PDF

Credit derivative houses in Japan are preparing for a flurry of credit products using constant proportion portfolio insurance this quarter. Credit sales pros have been doing the rounds with clients to explain the product and expect to see demand now investors understand the capital protection mechanism.

"This market will take off exponentially this year [because] clients are attracted to the high returns and ratings," predicted a senior credit marketer at a European house in Tokyo. The product is targeted at investors holding Japanese government bonds and looking for higher returns coupled with principal protection. End users that were shown the product last year have been getting internal approvals and systems in place for the effort and should begin closing deals shortly, said the marketer. The CPPI-linked deals will likely be linked to iTraxx index tranches and sold in yen.

  • 06 Jan 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 313,117.00 1169 8.99%
2 JPMorgan 284,084.45 1296 8.16%
3 Bank of America Merrill Lynch 281,023.48 968 8.07%
4 Goldman Sachs 212,563.64 697 6.10%
5 Barclays 203,259.32 781 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 31,971.88 102 6.87%
2 HSBC 31,940.18 140 6.87%
3 Bank of America Merrill Lynch 29,065.55 82 6.25%
4 BNP Paribas 24,679.63 135 5.30%
5 SG Corporate & Investment Banking 22,195.55 122 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,960.44 66 7.87%
2 Morgan Stanley 13,992.90 72 7.37%
3 Citi 13,566.56 83 7.14%
4 UBS 13,028.25 52 6.86%
5 Goldman Sachs 11,994.74 65 6.31%