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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Mar 2017
1 JPMorgan 6,305.34 22 10.84%
2 Deutsche Bank 4,468.97 23 7.68%
3 UBS 4,270.64 20 7.34%
4 Citi 3,833.33 28 6.59%
5 Goldman Sachs 3,788.75 20 6.51%