India, Korea May Open Credit Markets

India and Korea are showing signs of following Taiwan's lead and allowing an onshore credit market.

  • 23 Dec 2004
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India and Korea are showing signs of following Taiwan's lead and allowing an onshore credit market. "Almost every country is moving in the right direction," said Simon Chiu, Asian head of credit trading at JPMorgan in Hong Kong. He expects local credit derivative markets to develop over the course of next year. "There's a lot of potential," he said.

Domestic Korean banks, including Korea Development Bank and Kookmin Bank, are expecting the regulator to sign off on individual onshore credit derivatives transactions early next year with a blanket approval by year-end (DW, 12/17). "We're looking at this for next year," said Man Ho Yoon, general manager of the financial engineering department at the Korea Development Bank in Seoul.

The Indian regulators have been opening up new markets throughout last year and also eased the trading rules on domestic futures positions, which boosted the over-the-counter derivatives market in general because it allowed more hedging activity. Justin Kennedy, managing director in Asia-Pacific equity derivatives at Citigroup in Hong Kong, championed the move at the time (DW, 9/24).

  • 23 Dec 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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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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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 %
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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%