ISDA Working Group Discusses Restructuring

  • 05 Feb 2001
Email a colleague
Request a PDF

A working group for the International Swaps and Derivatives Association met as DW was going to press Friday to discuss creating a new definition of restructuring as a credit event. In a letter to members of the working group, Bob Pickel, director and ceo, explained that the goal of the meeting was to discuss possible principles for a new definition of restructuring.

Market players have been debating for several months how to change the definition of restructuring, if at all. Some market makers have suggested not including restructuring in standard single-name credit default swap prices. Other players argue they require restructuring as a credit event in order to properly hedge credit exposure (DW, 12/25).

"This [meeting] is important because it [restructuring] is the last remaining obstacle from a documentation perspective to real standardization of the product," explained Chip Goodrich, managing director in the legal department at Deutsche Bank in New York.

Pickel included in his letter suggested principles from an ad hoc committee of loan portfolio managers, the credit portfolio management group, to serve as a starting point for conversation.

Although most of the suggestions in this draft have been mentioned before, several traders noted that there is a novel idea regarding creating a "restricted credit derivative" to serve as a bridge when the buyer of credit protection is seeking consent to reassign a loan. Click Here to see the draft.

  • 05 Feb 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
  • 20 Oct 2017
1 HSBC 34,591.50 163 6.58%
2 Deutsche Bank 34,293.84 117 6.53%
3 Bank of America Merrill Lynch 31,293.04 95 5.96%
4 BNP Paribas 27,578.61 168 5.25%
5 SG Corporate & Investment Banking 23,982.83 136 4.56%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,745.92 80 8.86%
2 Morgan Stanley 16,323.54 83 7.32%
3 Citi 15,946.50 94 7.15%
4 UBS 15,487.17 60 6.95%
5 Goldman Sachs 14,053.61 76 6.30%