BNP Paribas
The French firm has been more aggressive this year in both credit trading and credit structuring after making several hires for its Hong Kong desk. It was also one of the first firms to pitch leveraged super-senior trades in the region.
Deutsche Bank won marks from both rival firms and buyside officials because of the breadth of its credit derivatives business, both trading and structuring. The firm was also praised for its regional structuring and its global syndicated CDO abilities.
Goldman Sachs
The firm is heralded for its credit structuring expertise. End users say Goldman is innovative and also offers good after-sale service, providing pricing, market updates, and research on underlying credits.
JPMorgan
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| Mahesh Bulchandani |
JPMorgan is a heavyweight because of its market-making in both single-name credit-default swaps and index products. The firm's strong regional structuring business led by Mahesh Bulchandani has also remained competitive despite several departures in recent months.
Morgan Stanley has bulked up its Asian effort this year with hires and transfers and is more visible in the inter-dealer market, noted rivals. The house has also been pushing into such instruments as CPPI-linked credit products as well as CDOs with bonus equity derivative-linked coupons.
