JPMorgan Markets Equity First-To-Default Basket

JPMorgan is pitching first-to-default type instruments linked to equity-default swaps.

  • 24 Nov 2004
Email a colleague
Request a PDF

JPMorgan is pitching first-to-default type instruments linked to equity-default swaps. The structure uses deep out-of-the-money equity barrier options known as equity-default swaps (DW, 2/6/03). Martin Bertsch, head of financial engineering in London, said it has started marketing the structures to sophisticated institutional investors and hedge funds.

JPMorgan is marketing deals with a maturity of five years, but Bertsch declined to comment on the size of any trades. The move is part of an ever increasing convergence between equity and credit derivatives. In the last year, banks have also started marketing collateralized debt obligations with an EDS component (DW, 2/8).

  • 24 Nov 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 353,377.35 1327 9.07%
2 JPMorgan 316,733.86 1438 8.13%
3 Bank of America Merrill Lynch 316,098.84 1095 8.11%
4 Goldman Sachs 234,493.12 778 6.02%
5 Barclays 226,573.92 880 5.82%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,312.86 161 6.57%
2 Deutsche Bank 34,194.98 116 6.55%
3 Bank of America Merrill Lynch 31,113.25 94 5.96%
4 BNP Paribas 27,479.75 167 5.26%
5 SG Corporate & Investment Banking 23,982.83 136 4.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.89%
2 Morgan Stanley 16,323.54 83 7.43%
3 Citi 15,750.21 93 7.17%
4 UBS 15,208.47 58 6.92%
5 Goldman Sachs 13,499.48 73 6.15%