Taiwan House Looks To Complete First Asset Swap

  • 22 Apr 2002
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Grand Cathay Securities Corp., a securities house in Taipei, is looking to enter its first convertible asset swap in the coming weeks. "We're in the final stages--they're just reviewing the ISDA's," said Tony Ko, assistant v.p. of fixed income, referring to the International Swaps and Derivatives Association master documents. The firm received a license to enter asset swaps last year (DW, 6/17).

Its first transaction will be on the back of convertible bonds issued by VIA Technologies and COMPEQ Manufacturing. Ko estimated the asset swaps will be TWD50 million (USD1.42 million notional) each. Grand Cathay strips out the credit component of the convertibles, passing the credit risk to the counterparty. In return, Grand Cathay pays the counterparty a floating rate, the banker's acceptance rate, plus a spread of 150-180 basis points. Via the swap, Grand Cathay keeps the undervalued equity option.

"This is our emphasis for the year," noted Ko, stating that the firm will concentrate on entering convertible transactions with its customers, adding that it will look to handle TWD1 billion (USD28.6 million) in asset swaps by year-end. Securities houses in Taiwan are not permitted to sell the equity option, Ko said.

  • 22 Apr 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%