Monoline Default Could Trigger Rush To Deliver Cheap Bonds

Investors who sold protection on monoline insurers are concerned that, in the event of a default, they may end up with bonds wrapped by the monolines and which are now trading for nearly nothing.

  • 28 Jan 2008

-- Nicoletta Kotsianas

Investors who sold protection on monoline insurers are concerned that, in the event of a default, they may end up with bonds wrapped by the monolines and which are now trading for nearly nothing.

That situation would be possible because credit-default swaps written on the monolines ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

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3 Wells Fargo Securities 24,627.51 67 8.97%
4 Bank of America Merrill Lynch 23,023.30 73 8.39%
5 Barclays 17,051.25 56 6.21%