Commodity CDOs Surge In Asia

There is mounting interest in Asia and the rest of the financial world for collateralized debt obligations backed by commodities.

  • 26 Jan 2007
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There is mounting interest in Asia and the rest of the financial world for collateralized debt obligations backed by commodities. Collateralized commodities obligations combine the payoffs and structural features of a synthetic collateralized debt obligation, effectively transforming commodities into a credit structure that can be rated.

Rachel Hardee, head of Asia-pacific structured credit at Derivative Fitch in Hong Kong, said the agency has registered high levels of interest in the structures, saying "[Commodity CDOs] have been done before, but are re-emerging in popularity." The structures can be used to diversify a portfolio because they are not linked to corporate credit or asset-backed securities. She also added that the structures were appealing to a broad variety of investors and that there had not yet been enough deals in this cycle of interest to say what effect the take up of commodity collateralized debt obligations might have on other synthetic securities.

  • 26 Jan 2007

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 329,208.56 1277 8.09%
2 JPMorgan 321,584.64 1392 7.90%
3 Bank of America Merrill Lynch 296,878.25 1014 7.29%
4 Barclays 249,463.73 926 6.13%
5 Goldman Sachs 218,838.41 733 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,136.68 182 7.00%
2 JPMorgan 44,545.29 93 6.76%
3 UniCredit 35,639.50 153 5.41%
4 Credit Agricole CIB 33,211.72 160 5.04%
5 SG Corporate & Investment Banking 32,419.80 126 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,755.50 61 8.94%
2 Goldman Sachs 13,469.15 66 8.76%
3 Citi 9,716.40 55 6.32%
4 Morgan Stanley 8,471.86 53 5.51%
5 UBS 8,248.12 34 5.36%