Autos Tighten On Back Of Bond Demand

  • 13 Aug 2001
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Credit default protection tightened on auto names last week on the back of increased demand for auto paper. "People feel that the auto sector is a safe place to put money," said a credit derivatives trader in New York, adding that auto paper offers relatively high returns for its credit rating. The most actively traded name was General Motors Acceptance Corp, a subsidiary of General Motors Corp. Traders in the U.S. said five-year credit default protection on GMAC came in five basis points from 66bps-71bps last week. A trader noted that while a number of corporates were buying protection, much of the action took place in the interbank market. Traders predicted GMAC will continue to tighten in the coming weeks, and could punch through the 60bps level. One trader estimated USD100-200 million of credit protection on GMAC was bought last week.

The tightening in GMAC default swap pricing was sparked by the recent defection of Robert Lutz, president of Chrysler, to GM, according to Mark Girolamo, corporate bond analyst at Deutsche Bank in New York. Lutz is a respected player in the automobile sector and bondholders welcomed the news of his move to GM.

  • 13 Aug 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 358,291.38 1348 9.06%
2 JPMorgan 320,704.66 1461 8.11%
3 Bank of America Merrill Lynch 318,128.31 1104 8.04%
4 Goldman Sachs 236,643.87 789 5.98%
5 Barclays 231,197.41 895 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.85%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.16%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.30%