Taiwan House Considers Credit Derivatives Debut

  • 21 Oct 2002
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Polaris Securities, one of Taiwan's largest securities houses with USD1.05 billion in assets, is examining buying credit-linked notes within a year, which would be the firm's first use of credit derivatives. "We're now considering this," said Ting Kuo, an official in the fixed-income department in Taipei. He explained that the firm is considering buying up to USD10 million of notes. "These offer a high rate of return," said Kuo, when comparing the products to traditional bonds.

The securities house is in the early stages of reviewing the instruments but will look at such factors as the attractiveness of the structure as well as the overall macroeconomic environment. The notes would be purchased offshore, likely referenced to names from Taiwan. Polaris is speaking to a number of firms including JPMorgan and Merrill Lynch in regard to the product to gain a better understanding, said Kuo.

  • 21 Oct 2002

All International Bonds

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3 JPMorgan 314,826.88 1433 8.11%
4 Goldman Sachs 234,193.07 776 6.04%
5 Barclays 226,473.92 879 5.84%

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1 HSBC 34,312.86 161 6.59%
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3 Bank of America Merrill Lynch 31,113.25 94 5.98%
4 BNP Paribas 27,479.75 167 5.28%
5 SG Corporate & Investment Banking 23,982.83 136 4.61%

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,536.02 78 8.91%
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3 Citi 15,667.80 92 7.14%
4 UBS 15,208.47 58 6.94%
5 Goldman Sachs 13,487.36 72 6.15%