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 241,977.38 927 8.19%
2 JPMorgan 223,817.40 997 7.58%
3 Bank of America Merrill Lynch 216,160.55 723 7.32%
4 Barclays 185,098.93 672 6.27%
5 Goldman Sachs 158,991.47 518 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.54%
2 BNP Paribas 32,284.10 130 6.49%
3 UniCredit 26,992.47 123 5.43%
4 SG Corporate & Investment Banking 26,569.73 97 5.34%
5 Credit Agricole CIB 23,807.36 111 4.79%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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%