ABCP Demand Heats Up In Taiwan

Taiwanese investors that have just got into structured bonds incorporating global collateralized debt obligations are now starting to look at shorter-dated asset-backed commercial paper.

  • 25 Aug 2006
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Taiwanese investors that have just got into structured bonds incorporating global collateralized debt obligations are now starting to look at shorter-dated asset-backed commercial paper.

"Issuance for ABCP is overtaking longer-tenor CBO deals," said Jackie Lee, structured credit analyst atFitch Ratings in Taipei. Repackaged structured bonds incorporating U.S. dollar-denominated static synthetic CDOs and domestic structured interest-rate notes have proved popular since regulators pushed local bond funds to dispose of their structured note holdings (DW, 3/18/05). ABCP is attracting short-term deposit money, given its higher yields compared with longer-dated structured bonds.

Using the same special-purpose vehicle, new ABCP is rolled out to redeem maturing paper throughout the life of the underlying synthetic CDO, which is typically a five-to-seven year deal.

Fitch expects the trend for ABCP transactions to remain hot until at least the end of the year. "We're seeing a lot of transactions in the pipeline," added Lee.

  • 25 Aug 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 163,028.47 711 8.04%
2 Citi 160,005.15 642 7.90%
3 Bank of America Merrill Lynch 132,268.74 528 6.53%
4 Barclays 127,185.71 494 6.28%
5 HSBC 106,407.22 534 5.25%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Bank of America Merrill Lynch 12,912.95 35 6.60%
2 BNP Paribas 12,334.48 61 6.31%
3 UniCredit 11,196.47 58 5.73%
4 Citi 9,580.75 37 4.90%
5 Deutsche Bank 8,953.95 35 4.58%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 5,579.06 26 10.66%
2 JPMorgan 4,866.13 28 9.30%
3 Goldman Sachs 4,405.13 21 8.41%
4 Citi 3,774.81 24 7.21%
5 UBS 3,602.23 16 6.88%