Taiwan Insurer Considers Structured Products

  • 10 Sep 2001
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Taiwan Life Insurance, with over USD2.1 billion in assets, is considering purchasing structured products such as structured notes, synthetic CDOs and equity-linked notes. Jenny Chen, financial products fund manager in Taipei, said the insurer is now considering structured products to obtain enhanced yield. She continued the insurer is submitting an application to the Ministry of Finance, as insurers are currently not allowed to invest in products such as CDOs. Johnson Lai, head of finance in Taipei, believes the MoF will likely acquiesce as insurers and several international investment banks are lobbying it, and Taiwan Life will be able to invest in these within six months. Calls to the MoF were not returned. One market official in Hong Kong said that although his bank is not directly speaking to the MoF, he knows of several insurance companies in Taiwan that are in talks, adding the rules could change within two or three months.

Chen continued that the firm regularly uses currency swaps to hedge currency risk on foreign-denominated investments, such as U.S. dollar-denominated bonds. Chen added that the firm is also considering investing USD10 - 20 million in several structured notes. For example, it might invest in a note that is based on U.S. LIBOR rates, where the bank would gain if LIBOR is above or below a designated level. Chen said the bank would first need approval from the MoF but will likely hold off until it has a clearer picture of where U.S. interest rates are heading.

Credit Suisse First Boston and Merrill Lynch are among the potential counterparties for structured products, according to Chen. Decisions on investment would take into consideration relationships and pricing.R.G. Rosso, spokesman at Merrill Lynch in Hong Kong, and Josephine Lee, spokeswoman at CSFB in Hong Kong, declined comment.

  • 10 Sep 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Oct 2016
1 JPMorgan 317,793.98 1355 8.72%
2 Citi 301,114.13 1092 8.26%
3 Barclays 259,580.63 846 7.12%
4 Bank of America Merrill Lynch 258,842.43 934 7.10%
5 HSBC 224,273.23 905 6.15%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Oct 2016
1 JPMorgan 32,854.00 58 6.73%
2 BNP Paribas 31,678.29 142 6.49%
3 UniCredit 31,604.22 138 6.47%
4 HSBC 25,798.87 114 5.29%
5 ING 21,769.65 121 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Oct 2016
1 JPMorgan 14,633.71 80 10.23%
2 Goldman Sachs 11,731.14 63 8.20%
3 Morgan Stanley 9,435.23 48 6.60%
4 Bank of America Merrill Lynch 9,229.95 42 6.45%
5 UBS 8,781.68 42 6.14%