TD Pitches Target Redemption Credit Index Note

TD Securities in London is marketing a credit index-linked note with a target redemption feature.

  • 18 Feb 2005
Email a colleague
Request a PDF

TD Securities in London is marketing a credit index-linked note with a target redemption feature. The note is called SCePTRe, which stands for structured credit protected target redemption note, and has a 10-year maturity. It uses constant proportion portfolio insurance to protect capital. Philippe Hatstadt, global head of credit structuring at TD in London, said investors ranging from retail to institutional have expressed interest in the deal.

In the note, TD gains exposure to the indices via portfolio credit-default swaps. The assets invested in the indices are subject to variable leverage, whilst remaining assets are invested in cash to protect capital. The target redemption can be customized and is an appealing feature of the structure, according to Hatstadt, who explained it is designed for investors who believe credit spreads are likely to stay within a range. TD is working on several structures to cater for investors with this view, added Hatstadt.

  • 18 Feb 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,941.13 111 8.93%
2 Barclays 31,588.47 86 7.85%
3 JPMorgan 27,799.55 107 6.91%
4 Bank of America Merrill Lynch 27,706.86 75 6.88%
5 HSBC 21,949.38 82 5.45%

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%