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
  • 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%