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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%