CDO Manager Sells High-Yield CDS

Washington Square Investment Management, a collateralized debt obligation manager, has sold credit-default protection on a string of high-yield names.

  • 27 May 2005
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Washington Square Investment Management, a collateralized debt obligation manager, has sold credit-default protection on a string of high-yield names. The five-year swaps are referenced to names in the iTraxx Crossover index. Miguel Ramos, managing partner in London, said the deals take advantage of recent spread widening in the index, which saw some names blow out by more than 100 basis points.

Ahold and Eircom were two of the CDS the firm traded, according to Ramos, who said it received premiums of between 250 to 280bps for each trade. "We felt comfortable doing these trades because we had already heavily researched the names and were ready to take them on in a medium-term view," he added.

Ramos declined to name counterparties, but said careful consideration had been given on selection because the difference in premium prices was surprising.

  • 27 May 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • 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 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%