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
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%