BroadStreet Structures CFO

  • 21 Jan 2002
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BroadStreet Financial Products is structuring a USD500 million collateralized fund obligation on Bucephale's fund of hedge funds. The CFO is referenced to a portfolio of 18 hedge funds, diversified across sectors and regions, according to Andrew Smith, partner at Bucephale in New York.

The CFO is divided into 35% equity and 65% debt. Investors can buy into the equity through two types of 10-year equity-linked notes: a principal protected note which will pay approximately 11% a year and a non-protected note which will pay 22-24% a year.

The equity tranches have a binary pay out. If the net asset value of the fund of funds falls to 75% of its initial value then the equity investors in the non-protected notes will lose all of their investment and the investors in the guaranteed notes will lose the coupon. Smith said Bucephale opted for a binary structure rather than one where money is taken each time there are losses because it wants the product to be able to bounce back after a market crisis, such as Sept. 11. He added that the most an actively managed fund, under Bucephale's direction, has lost is 14%.

  • 21 Jan 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%