| |
| Antoine Cornut |
DEUTSCHE BANK
Deutsche Bank has emerged as a global leader in flow credit derivatives over the last 12 months, despite the credit crunch. Led by Antoine Cornut, head of flow trading, and overseen by Boaz Weinstein and Colin Fan, co-heads of global credit trading, the firm has booked impressive results, including volume for single name and index trading totalling EUR650 billion for the first quarter of this year, equivalent to its tally for all of 2006. In the U.S., investment-grade single-name CDS volume rose significantly, with 2008 levels expected to treble those of 2006. Investment grade index volumes for this year are expected to quadruple those seen in 2006.
When JPMorgan looked to hedge part of the Bear Stearns loan portfolio, it picked Deutsche Bank. That deal has been touted as one of the largest transactions of the last six months, involving USD15 billion of CDS and was under a tight timeline.
Elsewhere, the firm participated in the biggest synthetic trade in delta terms of last year, helping HypoVereinsbank in Munich to unwind a EUR2 billion portfolio of mezzanine and equity exposures. The firm also executed the largest distribution of a managed deal in the U.K. insurance sector--a GBP155 million mezz deal for an unnamed European asset manager.
In emerging markets DB quotes prices on more than 65 CEEMA CDS names, including many that no one else trades. It now also quotes more than 150 names in both the Asian IG and High Yield space. The firm also underwrote the first CDS on Russian coal company Raspadskaya in January this year, a USD5 million one-year CDS for a fund client. More recently, DB has taken a strong position in compressing trades.
Other Nominees:
* Goldman Sachs * JPMorgan * Morgan Stanley
