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
  • 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
  • 17 Jan 2017
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
  • 17 Jan 2017
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%