CMBS Dealers Turn To CDX Index For Hedging

Several commercial mortgage-backed securities dealers are starting to hedge a portion of their portfolios using the Dow Jones CDX index.

  • 06 May 2005
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Several commercial mortgage-backed securities dealers are starting to hedge a portion of their portfolios using the Dow Jones CDX index. "We believe that the liquidity, transparency and diversification of the CDX index make it, at times, an attractive hedging tool for the CMBS dealer community," said Roger Lehman, director of CMBS research at Merrill Lynch.

Although swaps have been the most prevalent hedge for the CMBS industry for five or more years, swaps don't have as much of a credit component as corporate bonds and dealers may want to hedge against a specific credit event, Lehman said. CMBS dealers began using credit default swap and total return swaps last year and hedge funds, portfolio managers and some broker-dealers have been using total return swaps on CMBS indices to hedge their portfolios for several years.

  • 06 May 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jul 2017
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

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%