LBO fear trumps political jitters in CDS market

The news wires are full of headlines about Trump, trade wars and Brexit. A mercantilist US and a UK government clinging on by its fingertips are not conducive to positive market sentiment. Yet spreads appear unaffected by the political chaos, tightening rather than widening.

  • By GlobalCapital
  • 19 Jul 2018

Gavan Nolan, IHS Markit

The Markit iTraxx Europe is trading at 65bp, a 10bp rally over July. UK sovereign CDS — an infrequently traded contract — is quoted at 23bp, 8bp wider from its February level but hardly indicating distress.

The markets clearly have a sanguine view of how ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 98,954.30 387 8.35%
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4 Barclays 78,031.26 279 6.58%
5 HSBC 64,526.48 308 5.44%

Bookrunners of All Syndicated Loans EMEA

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5 Citi 3,664.95 10 4.62%

Bookrunners of all EMEA ECM Issuance

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4 Bank of America Merrill Lynch 1,345.53 6 7.76%
5 UBS 1,219.44 7 7.03%