Macquarie Preps CDO For Kiwi Retail Market

  • 08 Dec 2003
Email a colleague
Request a PDF

Australia's Macquarie Bank is planning to sell a multi-billion dollar collateralized debt obligation to retail invetors in New Zealand. The CDO will be the bank's second, having launched the first such deal, dubbed Generator 1, earlier this year. Craig Swanger, head of the financial services group in Auckland, said he expects the deal to be launched in the first quarter, but is waiting for global credit spreads to widen.

The reference portfolio is likely to be at least NZD6.44 billion (USD4.14 billion) and comprised of over 100 credit-default swaps. "This will have minimal overlap with Generator 1," added Swanger. For example, the first CDO contained some Australian and Kiwi names, and given the limited number of liquid credits, Japanese and Asian names will likely be incorporated instead. U.S. and European default swaps, however, will make up the vast majority of the portfolio. Retail investment sizes range from NZD10,000-3 million.

Its first retail CDO was structured as a static deal in which the single A minus tranche was sold to retail clients and the remaining portions were bought by institutional investors. This time, however, Macquarie may structure Generator 2 as a single-tranche CDO and delta hedge the rest of the deal.

ABN AMRO, Citigroup and ING Financial Markets have also issued CDOs for the New Zealand retail market.

  • 08 Dec 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,385.87 103 7.10%
2 Deutsche Bank 25,125.19 81 7.03%
3 Bank of America Merrill Lynch 22,023.57 59 6.16%
4 BNP Paribas 18,766.65 109 5.25%
5 Credit Agricole CIB 18,157.63 105 5.08%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%