TRAC-X, iBoxx Set Opposing Strategies For Futures

  • 15 Dec 2003
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The two major credit derivatives index providers, TRAC-X and iBoxx, are both attempting to launch futures, but are attacking the project in opposite ways. iBoxx is setting up two consultative groups, one for dealers and one for investors, to come up with the ideal future, whereas Dow Jones Indexes, the administrator of TRAC-X, plans to leave the product development to licensed exchanges. Both groups have a similar timeframe, with iBoxx going for the first-half of the year and Dow Jones looking at either the June or September roll date for credit derivatives transactions. Neither, however, would name exchanges they might use or detail likely contract specifications.

Lars Hamich, executive director at Dow Jones Indexes, said, "We are not launching futures. We are licensing an exchange to do this." He said that in order to create the maximum liquidity the future must be seen as independent from any investment bank. "You wouldn't list something that other banks won't trade," he added.

ABN AMRO, Deutsche Bank and Citigroup are leading the development of the credit future, but they are trying to get the rest of the derivatives community to buy-in to the project to ensure it is liquid once it is launched, said Aurelia Lamorre-Cargill, director in over-the-counter derivatives structuring at Deutsche Bank in London.

  • 15 Dec 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%