Credit Mart Crushes Correlation Bogeyman

The structured credit market came on in leaps and bounds in 2005, shrugging off the May correlation trading book losses which had some predicting its demise.

  • 23 Dec 2005
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The structured credit market came on in leaps and bounds in 2005, shrugging off the May correlation trading book losses which had some predicting its demise. Correlation pricing skews became opportunities as structurers looked to diversify portfolios with asset-backed securities, commodities, or by leveraging highly-rated super senior tranches. Growing attention from regulators, however, has sparked a rush to shore up documentation and settlement problems.

Equity-linked investment products proved the main force for the growth of the equity derivative market, particularly with new regions such as China opening up. In Europe, there are signs institutional investors are also starting to catch on, and are marketing similar products to their pension fund and insurance clients.

Year In Review/Preview

>> Credit Draws In Traditional Managers

>> Leveraged Super Senior Fixes Spot In Structurers' Repertoire

>> Off-The-Run Indices Gain Liquidity

>> Money Managers Turn To Equity Vol Plays

>> Structured Credit Surge Spawns Documentation Slip-Ups

>> Portfolio Overlap Fears Lead To Diversification Push

>> Short-Dated Plays Prove Value Of Credit Options

>> CDO Issuance Breaks Records

Year In Review/Preview - ISDA Agenda

>> Group Forms To Tackle Loan Settlement Alternatives

>> Eye Cast On Latin America

>> Planned Projects

Year In Review/Preview - Asia

>> Retail Mart Surges

>> Liberalization, Revaluation Drive China

>> Quotes Of The Year 2005

  • 23 Dec 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 318,645.99 1207 8.88%
2 JPMorgan 291,870.93 1330 8.14%
3 Bank of America Merrill Lynch 285,392.08 993 7.95%
4 Goldman Sachs 218,480.36 718 6.09%
5 Barclays 210,235.01 814 5.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 33,092.37 151 6.77%
2 Deutsche Bank 33,007.84 106 6.75%
3 Bank of America Merrill Lynch 29,018.73 86 5.94%
4 BNP Paribas 25,718.39 146 5.26%
5 Credit Agricole CIB 22,722.30 133 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18,707.17 72 9.33%
2 Morgan Stanley 15,215.44 76 7.59%
3 UBS 14,195.29 55 7.08%
4 Citi 14,014.57 86 6.99%
5 Goldman Sachs 12,113.98 67 6.04%