Deutsche Bank Markets Novel CMCDS Overlay Deal

Deutsche Bank is marketing a capital-protected CDO equity product with an overlay of constant-maturity credit-default swaps.

  • 27 May 2005
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Deutsche Bank is marketing a capital-protected CDO equity product with an overlay of constant-maturity credit-default swaps. The deal, named Topaz, allows investors to express a view on default rates through the equity tranche, but also offers exposure to credit spread widening through the CMCDS overlay.

Capital-protected equity tranche deals using constant proportion portfolio insurance have been buzz products this year (DW, 2/18), but the CMCDS twist added by Deutsche Bank is new to investors. Credit derivative pundits also say capital-protected credit funds, such as the fund AXA Investment Managers and ABN AMRO launched this year (DW, 1/28) could bring credit to the masses. Mark Stainton, co-head of the CDO business at Deutsche Bank in London, said the deal has been marketed very broadly to a wide range of investors. "It's been very well received," he added. It has been offered to investors in both Europe and Asia.

SG Asset Management is the manager of the 10-year deal, which will close next month. Topaz is rated AA minus on principal by Standard & Poor's.

  • 27 May 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%