Traders Eye Expanded Credit Universe

Credit derivative traders in Asia are expecting a wider array of tradable default swap names and sub-indices to hit the market in the coming months.

  • 11 Jan 2004
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Credit derivative traders in Asia are expecting a wider array of tradable default swap names and sub-indices to hit the market in the coming months. "There will be an introduction of new credits, which will be reflected in default swaps," said Henry Yoon, v.p. in the credit trading department at Lehman Brothers in Tokyo, explaining that impending bond issuances will bring more default-swap reference names. Simon Chiu, head of Asian credit markets trading at JPMorgan in Hong Kong, predicts between five-10 more credits will trade in the default swaps market this year. Last week for instance, credit protection on Singapore-based Temasek Holdings popped up for the first time on the back of a SGD1.3 billion (USD766 million) exchangeable bond.

The greater liquidity means indices will be able to increase the number of credits they reference. Chiu expects the Asian TRAC-X default swap index to add an extra 10-15 names to the 25 it already follows. Additionally, Chiu noted that sub-indices for the TRAC-X family will pop up for Asia this year, likely beginning with an index of Korean banking names.

  • 11 Jan 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 350,314.87 1563 8.64%
2 Citi 331,807.46 1234 8.18%
3 Bank of America Merrill Lynch 294,072.11 1065 7.25%
4 Barclays 288,574.83 960 7.12%
5 HSBC 246,960.17 1012 6.09%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 JPMorgan 41,457.25 68 7.46%
2 HSBC 35,073.34 130 6.31%
3 BNP Paribas 33,854.75 157 6.09%
4 UniCredit 33,033.86 153 5.94%
5 ING 23,664.97 130 4.26%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Nov 2016
1 JPMorgan 17,674.88 93 10.70%
2 Goldman Sachs 14,180.33 72 8.59%
3 Bank of America Merrill Lynch 11,109.11 48 6.73%
4 Morgan Stanley 10,679.86 56 6.47%
5 UBS 9,841.05 49 5.96%