Citi Rolls Out Fixed Recovery Emerging Market CDO

Citigroup last week priced a static emerging market collateralized debt obligation with a fixed recovery rate of 40%.

  • 09 Dec 2005
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Citigroup last week priced a static emerging market collateralized debt obligation with a fixed recovery rate of 40%. This fixed rate is rare in emerging market trades, said market officials, who also noted the EUR500 (USD 586 million) million underlying portfolio of 100 entities is unusually large. Most emerging market synthetic CDOs reference between 30 and 40 credits. Officials at Citi declined comment, but one player familiar with the trade said the high recovery rate helped attain an attractive credit rating.

Named Sphaera, which is a Latin reference to the earth, the reference pool comprises 80% corporates and 20% sovereigns across 34 nations. Seven notes will be issued in both euros and U.S. dollar and have a maturity of five years with a three year non-call period. Priced last Tuesday, the notes pay from 35 basis points over three-month Euribor in the AAA/aaa tranche to 250bps over three-month Euribor in the Ba2/BB tranche. It is being marketed globally and will close Thursday.

  • 09 Dec 2005

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
  • Today
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
  • Today
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%