CDO Structurers Extend Palette Of Features

Collateralized debt obligation structurers are adding to their menu of CDO extras because investors are increasingly looking to tailor deals to meet their specific risk profiles.

  • 30 May 2004
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Collateralized debt obligation structurers are adding to their menu of CDO extras because investors are increasingly looking to tailor deals to meet their specific risk profiles. Floating-spread coupons, principally protected tranches and managed deals, in addition to static ones, are among the features seeing increasing interest from investors, noted David Carlson, global head of credit derivatives marketing at Bear Stearns in New York.

Floating-spread coupons are an extension of the growing constant-maturity swap market and allow investors who are concerned about spread widening to sell credit protection, said Carlson. Principal-protected CDO tranches, although not new, are seeing increased demand as more investors look to take defensive exposures and rising interest-rates make the feature more affordable. Meanwhile single tranche and multi-tranche deals, traditionally static, are increasingly using managers.

  • 30 May 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 %
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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%