Euro/Dollar Vols Spike Briefly After G7 Meeting

  • 29 Sep 2003
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One-month euro/dollar implied volatility leapt to 12.2% on Monday last week from 10.6% but then sunk back to 10.65% by Thursday. The move came as a knock-on effect from the sharp moves in dollar/yen spot rates and one-month vols. The dollar depreciated against the euro, with spot rising to USD1.149 last Thursday from USD1.1255 the previous week.

One-month 25-delta risk reversals moved to 0.5% in favor of euro calls over euro puts from 0.2% over the same period. Traders said they had seen heavy volumes traded with business up 30-40% on the usual number of trades but not many exotic plays. Some of the business came from corporates repositioning hedges with few speculative trades.

Over the weekend a statement from the Group-of-Seven most industrialized nations said, "We emphasize that more flexibility in exchange rates is desirable for major countries or economic areas." As a result of this, dollar/yen broke through the JPY116 barrier that the Bank of Japan had been defending, causing volatility to rocket to 14% on Monday from 10.6% the previous Friday. Euro/dollar moved on the back of this. Giovanni Pillitteri, v.p. in foreign exchange options trading at Deutsche Bank in London, said the euro/dollar curve, however, has now flattened whereas other dollar curves remain inverted. This indicates the market thinks that euro/dollar volatilities will now stabilize. Andrew Chaveriat, technical analyst at BNP Paribas in New York, predicts dollar/yen will now stay around USD1.15 for the next month.

EUR/USD Spot & One-Month Implied Volatility

  • 29 Sep 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%