Axiom Executes First USD1 Billion iBoxx Trade

U.S. broker Axiom Global Partners has executed a USD1 billion single credit derivatives trade, believed to be the largest ever trade of its kind.

  • 02 May 2004
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U.S. broker Axiom Global Partners has executed a USD1 billion single credit derivatives trade, believed to be the largest ever trade of its kind. Wesley Wang, partner in New York, said the trade was referenced to the North American investment grade iBoxx index. He declined to name the counterparties.

The trade came hot on the heels of of an agreement last week in which the iBoxx indices will be merged with TRAC-X globally. With all the major dealers planning trading the same product, larger trades are now more feasible, noted Wang. The average size of trades, which currently stands at USD50-100 million, is also likely to grow as the market continues to become more liquid, he added.

  • 02 May 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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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 %
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1 HSBC 34,312.86 161 6.59%
2 Deutsche Bank 34,194.98 116 6.57%
3 Bank of America Merrill Lynch 31,113.25 94 5.98%
4 BNP Paribas 27,479.75 167 5.28%
5 SG Corporate & Investment Banking 23,982.83 136 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,536.02 78 8.91%
2 Morgan Stanley 16,323.54 83 7.44%
3 Citi 15,667.80 92 7.14%
4 UBS 15,208.47 58 6.94%
5 Goldman Sachs 13,487.36 72 6.15%