iTraxx Goes Daily In Japan

The fixing for the nascent Japanese credit derivatives index, the DJ iTraxx CJ Japan, has moved to daily from weekly in a bid to boost trading and product development.

  • 19 Nov 2004
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The fixing for the nascent Japanese credit derivatives index, the DJ iTraxx CJ Japan, has moved to daily from weekly in a bid to boost trading and product development. "Of course it was a lengthy process to decide on the structure, but this will be good for the market," said Go Yajima, senior credit derivatives structurer at BNP Paribas in Tokyo, one of the firms involved in the initiative.

Yajima said the switch to daily fixing will boost transparency and liquidity in the index of the 50 most liquid Japanese credits. Yajima thinks, "Another benefit is that this will bring about [constant-maturity] CDS, where dealers can rely on a more accurate base for fixing." While a few initial CMCDS trades have gone through the Japanese market, he expects the product to take off next year, along with options linked to the index.

The DJ iTraxx CJ Japan index will be fixed at 4 p.m. in Tokyo from data provided by market making houses including Deutsche Bank, Goldman Sachs, JPMorgan, Mizuho Securities and Morgan Stanley. Data will be calculated by Quick Corp. and released by 5:30 p.m.

  • 19 Nov 2004

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 %
  • Last updated
  • 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%