LBO Noise Fails To Deter CDS Investors

Investors are remaining faithful to the credit-default swap market, in spite of a sharp increase in chatter about leveraged buyouts and mergers and acquisitions--usually connected with spiraling credit spreads.

  • 18 Nov 2005
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Investors are remaining faithful to the credit-default swap market, in spite of a sharp increase in chatter about leveraged buyouts and mergers and acquisitions--usually connected with spiraling credit spreads. CDS traders last week expressed surprise at continued two-way investor appetite, despite the potential for credits to widen dramatically on the back of takeover news. "I'm absolutely astonished," said one trader at a U.S. house in London.

Spreads have widened significantly on a number of LBO-linked corporates, including Danish telecom TDC and Dutch logistics company TNT, but the movement has not unnerved the market. "Rather than have a knock-on effect, the names have remained isolated," said one trader, adding many in the market predicted an onslaught of LBO activity to tip the credit cycle. "The market is holding strong and this is surprising a lot of strategists," agreed another official.

  • 18 Nov 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%