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
  • Today
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,935.16 104 7.16%
2 Deutsche Bank 25,125.19 81 6.94%
3 Bank of America Merrill Lynch 22,023.57 59 6.08%
4 BNP Paribas 19,315.94 110 5.34%
5 Credit Agricole CIB 18,706.93 106 5.17%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%