Rated First-To-Default Baskets Take Off In Japan

Firms in Tokyo have started seeing a pickup in demand for rated first-to-default baskets as an alternative to synthetic collateralized debt obligations in the tight-spread market.

  • 06 May 2005
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Firms in Tokyo have started seeing a pickup in demand for rated first-to-default baskets as an alternative to synthetic collateralized debt obligations in the tight-spread market. "[First-to-default baskets] are becoming more attractive," said Ichinori Kitahara, chief analyst in the structured finance ratings group at Ratings and Investment Information in Tokyo. He noted synthetic CDO issuance has slowed down to a trickle this year with only a handful of new deals, while the number of structures fell last year from 2003.

Market officials say there is particular demand for rated first-to-default baskets of Japanese names clients are familiar with. Credit structurers said one driving factor for such rated transactions is the upcoming Basel Capital Adequacy Accord in 2006, which is expected to lead a swing toward holding rated investments. "Clients such as regional banks in Japan are becoming more ratings-aware," said a credit structurer at Shinsei Bank in Tokyo, explaining under Basel, changes in risk-weightings for holding such products will be a greater incentive to hold rated instruments.

  • 06 May 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%