U.S. Pension Funds Dive Into Rate Swaps

U.S. pension funds are jumping into interest rate swaps this quarter.

  • 06 May 2005
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U.S. pension funds are jumping into interest rate swaps this quarter. Traders said a combination of rising interest rates and continued poor equity performance is driving the funds to manage their liabilities through swaps rather than rely on their assets to grow.

"We have seen half a dozen or so large pension funds begin executing or authorizing execution of swap programs," said Robert Leary, a managing director with AIG Financial Products and marketer of over-the-counter products in Wilton, Conn. "We expect to see a significant increase in these type of swap programs by corporate pension funds as rates rise," he added. He has seen a flurry of activity since March, when funds began implementing strategies agreed upon by investment committees in first quarter meetings. Pension funds tend to use 10, 20 or 30-year swaps, he added. Rate swap programs piqued the interest of European funds last autumn in view of European Union accounting changes (DW, 10/1).

  • 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%