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 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

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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%