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
  • Today
1 Citi 317,691.74 1201 8.90%
2 JPMorgan 291,227.96 1326 8.16%
3 Bank of America Merrill Lynch 285,088.11 991 7.99%
4 Goldman Sachs 217,749.25 714 6.10%
5 Barclays 209,291.80 811 5.87%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 32,320.82 147 6.67%
2 Deutsche Bank 32,259.50 104 6.66%
3 Bank of America Merrill Lynch 28,890.43 85 5.96%
4 BNP Paribas 25,663.29 144 5.30%
5 Credit Agricole CIB 22,617.86 130 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18,160.85 71 9.15%
2 Morgan Stanley 15,215.44 76 7.67%
3 UBS 14,195.29 55 7.15%
4 Citi 14,014.57 86 7.06%
5 Goldman Sachs 12,113.98 67 6.10%