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 Citi 241,652.19 924 8.19%
2 JPMorgan 223,721.63 996 7.58%
3 Bank of America Merrill Lynch 216,064.78 722 7.32%
4 Barclays 184,894.55 671 6.27%
5 Goldman Sachs 158,954.58 518 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 32,522.19 61 6.56%
2 BNP Paribas 32,284.10 130 6.51%
3 UniCredit 26,992.47 123 5.44%
4 SG Corporate & Investment Banking 26,569.73 97 5.36%
5 Credit Agricole CIB 23,807.36 111 4.80%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%