Structured Credit Survives Auto Downgrades

The downgrade of U.S. autos in May triggered days of panic and structured credit pricing dislocation, but the credit market absorbed the subsequent correlation crisis, said a panel of credit derivative executives.

  • 23 Sep 2005
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The downgrade of U.S. autos in May triggered days of panic and structured credit pricing dislocation, but the credit market absorbed the subsequent correlation crisis, said a panel of credit derivative executives. "The market passed the test when it came under stressed liquidity," noted Pierre Mathieu, European head of credit flow trading at BNP Paribas.

Dealers noted, however, May's pandemonium has left investors and dealers more risk adverse when it comes to structured credit. The long-term fallout is a shift in the market's risk appetite towards structures with strong protection from loss, agreed other panelists.

  • 23 Sep 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,996.09 1352 9.05%
2 JPMorgan 321,264.04 1464 8.10%
3 Bank of America Merrill Lynch 318,428.16 1105 8.03%
4 Goldman Sachs 237,263.73 791 5.98%
5 Barclays 231,619.97 897 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.84%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.15%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.29%