Default Swaps Without Restructuring Trigger Gain Ground In Japan

  • 04 Aug 2003
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Credit-default swaps without the restructuring credit event trigger have rocketed in popularity since the 2003 International Swaps and Derivatives Association's credit derivatives definitions came into effect. These contracts, which only pay out if the reference entity fails to pay an obligation or enters bankruptcy, now account for around a third of the volume, according to traders.

James Mudie, general manager in the markets division at Shinsei Bank, said, "Personally, I feel that the sentiment in the market among investors is for two credit events and that it will increasingly grow from here." He added, "There's been some reluctance in the dealer community, but there's definitely trades going through."

Many dealers, however, do not think contracts without the restructuring credit event will become the industry norm. "There's definitely room in the marketplace for two CE default-swaps, but taking over as the standard doesn't look likely," said Ralph Orciuoli, managing director and Asian head of credit trading at Bear Stearns in Tokyo.

  • 04 Aug 2003

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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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%