Credit Trading Volume On Nippon Steel Jumps

  • 04 Mar 2002
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Credit-default swap trading on Nippon Steel surged early last week after Japan Metals & Chemicals filed for court protection against creditors on Feb. 22. Nippon has an 8% stake in the company. Traders said that domestic corporates with exposure to Nippon Steel were behind the trades, which totaled around JPY7 billion (USD52.1 million notional) in five-year yen-denominated default swaps. In a typical week the average volume is JPY1-2 billion. The spread on five-year protection blew out to 120-135 basis points Wednesday from 105-115bps the week before.

"Spreads have been widening across the board," said Stephane Delacote, head of credit derivatives at BNP Paribas in Tokyo, noting that Japanese defaults-swap spreads have widened by about 10% in the last week as corporates are unloading bond positions to generate cash before the fiscal year ends on March 31. "There's a lot of window dressing going on," noted a trader at a U.S. house in Tokyo, adding that a number of corporates are unwinding cash bond positions as well as buying credit protection to hedge credit exposures.

  • 04 Mar 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
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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%

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  • 10 Jan 2017
1 BNP Paribas 43,328.12 198 6.63%
2 JPMorgan 42,145.56 84 6.45%
3 HSBC 38,419.93 154 5.88%
4 UniCredit 37,616.85 180 5.75%
5 ING 30,163.46 163 4.61%

Bookrunners of all EMEA ECM Issuance

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  • Last updated
  • 10 Jan 2017
1 Emirates NBD PJSC 408.38 1 31.73%
2 SG Corporate & Investment Banking 166.67 1 12.95%
2 JPMorgan 166.67 1 12.95%
2 Credit Agricole CIB 166.67 1 12.95%
5 Morgan Stanley 59.80 1 4.65%