Turkey drama shines light on robust CDS liquidity

Emerging market sovereigns are regarded as stalwarts of the credit default swaps (CDS) market. Their liquidity is dependable, and participants can usually trade in large size with relatively low transaction costs and little price impact.

  • By GlobalCapital
  • 09 Aug 2018

Gavan Nolan, IHS Markit

Those that offer doom-laden predictions about the single name product clearly pay little heed to emerging market names.

Turkey is a case in point. The sovereign has been under pressure for some time, primarily due ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 304,500.91 1183 8.05%
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4 Barclays 230,541.51 857 6.09%
5 Goldman Sachs 206,469.72 679 5.46%

Bookrunners of All Syndicated Loans EMEA

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1 BNP Paribas 43,227.81 174 7.04%
2 JPMorgan 38,825.76 78 6.32%
3 Credit Agricole CIB 33,071.14 158 5.38%
4 UniCredit 32,366.25 145 5.27%
5 SG Corporate & Investment Banking 31,330.98 120 5.10%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,024.03 55 8.90%
2 Goldman Sachs 12,162.67 59 8.31%
3 Citi 9,480.20 54 6.48%
4 Morgan Stanley 8,083.13 49 5.52%
5 UBS 7,976.88 32 5.45%