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
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%