Europe Rally Squeezes Subordinated CDS On French Banks

Hedge funds that bought outright protection on the Markit iTraxx European Senior and Subordinated Financials indices to hedge exposure to French banks are trying in vain to unwind positions as European markets have rallied.

  • 07 Jun 2012

Hedge funds that bought outright protection on the Markit iTraxx European Senior and Subordinated Financials indices to hedge exposure to French banks are trying in vain to unwind positions as European markets have rallied.

One London CDS trader said over the past two to three months, hedge funds ...

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All International Bonds

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1 JPMorgan 132,387.73 545 8.30%
2 Citi 123,981.47 487 7.78%
3 Bank of America Merrill Lynch 105,093.26 413 6.59%
4 Barclays 99,545.40 383 6.24%
5 HSBC 81,053.20 424 5.08%

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1 Bank of America Merrill Lynch 11,525.35 30 7.25%
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5 Commerzbank Group 7,837.68 40 4.93%

Bookrunners of all EMEA ECM Issuance

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1 Morgan Stanley 4,425.28 19 11.23%
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3 Citi 3,527.84 22 8.95%
4 JPMorgan 2,809.08 19 7.13%
5 UBS 2,241.39 12 5.69%