Sellers Examine Trading Vehicles

  • 28 Jul 2003
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Credit protection sellers have started inquiring about independent trading vehicles for selling credit protection, according to Nik Khakee, director in structured finance at Standard & Poor's in New York.

Operating companies are structured to ensure their credit ratings remain AAA to the maturity of their longest trade, which it makes it more stable than trading with other vehicles, such as managed CDOs, which are rated at a particular point in time and are subject to ratings migration, explained Khakee.

The only one of these vehicles rated by S&P so far is Primus, which was set up about a year ago, said Khakee. Primus is backed by XL Capital, Radian Group, CalPERS/PCG Corporate Partners and AEGON USA and is rated AAA by both S&P and Moody's Investors Service.

  • 28 Jul 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 282,641.19 1046 9.01%
2 JPMorgan 257,395.97 1177 8.20%
3 Bank of America Merrill Lynch 251,828.32 868 8.02%
4 Goldman Sachs 192,523.13 618 6.13%
5 Barclays 184,453.95 705 5.88%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,971.26 117 7.00%
2 Deutsche Bank 27,415.35 91 6.62%
3 Bank of America Merrill Lynch 25,509.39 71 6.16%
4 BNP Paribas 21,884.21 122 5.29%
5 Credit Agricole CIB 19,966.59 113 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,671.74 61 7.86%
2 Citi 12,076.06 76 6.95%
3 Morgan Stanley 11,899.85 66 6.84%
4 UBS 11,800.30 47 6.79%
5 Goldman Sachs 11,111.93 58 6.39%