SEC Change Of Guard Could Boost Structured Products

Banks may roll out more European-style structured products to U.S. retail investors if the newly nominated Securities and Exchange Commission chairman Christopher Cox takes a more relaxed approach to regulation than his predecessor William Donaldson.

  • 10 Jun 2005
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Banks may roll out more European-style structured products to U.S. retail investors if the newly nominated Securities and Exchange Commission chairmanChristopher Cox takes a more relaxed approach to regulation than his predecessor William Donaldson.

Michael Benhamou, a managing partner with broker-dealer Louis Capital Markets in New York, said the structured products market needs less aggressive regulation in order to evolve. "The Street expects Cox will have a more hands-free approach," he said. But other sellside officials said the U.S. structured products market lags behind Europe for reasons other than just regulation. European investors have always been focused on capital preservation so they came up with interesting ways of protecting principal, such as CPPI strategies, explained one official, adding, "U.S. investors, meanwhile, rode the dot com wave." Now the stock market is moving sideways and interest rates are going up, investor appetite has changed and firms will begin offering more products with twists, he said.

"If retail investors can get comfortable with the complexities of these instruments and understand the risk and rewards, they can be compelling," added Keith Styrcula, chairman of theStructured Products Association in New York.

  • 10 Jun 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 313,852.39 1175 8.95%
2 JPMorgan 286,674.13 1305 8.17%
3 Bank of America Merrill Lynch 281,869.72 974 8.04%
4 Goldman Sachs 214,547.99 704 6.12%
5 Barclays 205,147.76 790 5.85%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 31,971.88 102 6.84%
2 HSBC 31,343.18 140 6.70%
3 Bank of America Merrill Lynch 28,468.55 82 6.09%
4 BNP Paribas 24,679.63 135 5.28%
5 SG Corporate & Investment Banking 22,195.55 122 4.75%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,956.24 68 8.20%
2 Morgan Stanley 15,028.69 75 7.73%
3 UBS 14,195.29 55 7.30%
4 Citi 13,827.82 85 7.11%
5 Goldman Sachs 11,994.74 65 6.17%