Rating Changes Irk CPDO Issuers

Dominion Bond Rating Service's announcement last week that it would adopt a "careful and measured approach" to constant proportion debt obligations until it becomes more comfortable with the product has irritated credit structurers looking to place deals in Canada.

  • 15 Dec 2006
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Dominion Bond Rating Service's announcement last week that it would adopt a "careful and measured approach" to constant proportion debt obligations until it becomes more comfortable with the product has irritated credit structurers looking to place deals in Canada. The DBRS perspective report on CPDOs followed the Toronto-based rating agency's decision to apply more conservative rating methodology to leveraged super senior deals.

"DBRS seems to be having a massive bout of introspection," griped one European credit structurer. Structurers and traders perceived the announcement as an attempt by DBRS to toughen its image and to distinguish itself from the other rating agencies. "It's making it very challenging to get deals done," the structurer added.

Kai Gilkes, managing director and head of the global structured finance quantitative group at DBRS in London, declined immediate comment and Apea Koranteng, head of structured finance in London, did not return a call.
  • 15 Dec 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 239,928.76 921 8.16%
2 JPMorgan 222,471.63 995 7.57%
3 Bank of America Merrill Lynch 215,931.77 721 7.34%
4 Barclays 184,694.55 670 6.28%
5 Goldman Sachs 158,679.40 515 5.40%

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1 JPMorgan 32,522.19 61 6.59%
2 BNP Paribas 32,284.10 130 6.54%
3 UniCredit 26,992.47 123 5.47%
4 SG Corporate & Investment Banking 26,569.73 97 5.38%
5 Credit Agricole CIB 23,807.36 111 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Goldman Sachs 10,167.68 46 8.82%
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%