Scotia Debuts Exchange-Listed CDOs

  • 11 Nov 2002
Email a colleague
Request a PDF

Scotia Capital has issued the first exchange-listed collateralized debt obligation and has a couple more in the pipeline for the coming months. Frank Ackermann, managing director in the credit derivatives and credit investments group in London, said, "This is the first public offering of its kind and we have more in the pipeline." The firm structured--and listed on the Frankfurt Stock Exchange--a EUR1 billion (USD997 million) CDO for DZ Bank, which closed last week.

Listing the tranches of the CDO on an exchange allows a wider range of investors to participate. The recent deal, dubbed DYNASO 2002, was aimed at German cooperative banks, which require an exchange listing. But, Ackermann said the innovation also puts the products on pension funds and fund managers' radars.

The basic structure of a CDO does not have to be changed to get an exchange listing, but it requires a lot more disclosure, noted Ackermann. "This was not a real hurdle, it was just a higher legal bill," he said.

 

  • 11 Nov 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Citi 244,235.70 910 8.87%
2 JPMorgan 223,767.95 1021 8.13%
3 Bank of America Merrill Lynch 211,276.97 750 7.68%
4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 HSBC 25,202.67 100 7.14%
2 Deutsche Bank 25,125.19 81 7.12%
3 Bank of America Merrill Lynch 21,836.07 58 6.18%
4 BNP Paribas 18,395.95 105 5.21%
5 Credit Agricole CIB 18,048.72 104 5.11%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 12,578.87 55 8.17%
2 Citi 11,338.07 71 7.36%
3 UBS 10,682.06 44 6.93%
4 Goldman Sachs 10,419.53 53 6.76%
5 Morgan Stanley 10,194.88 57 6.62%