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 Citi 66,398.25 210 8.43%
2 JPMorgan 62,989.04 222 8.00%
3 Barclays 53,876.84 175 6.84%
4 Bank of America Merrill Lynch 44,675.83 159 5.67%
5 Deutsche Bank 42,359.23 156 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 6,160.68 5 15.50%
2 Deutsche Bank 3,400.72 4 8.55%
3 Commerzbank Group 2,532.05 5 6.37%
4 Citi 2,513.95 6 6.32%
5 BNP Paribas 1,742.18 7 4.38%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 UBS 998.25 3 12.68%
2 Citi 693.55 2 8.81%
3 Morgan Stanley 606.80 4 7.71%
4 Bank of America Merrill Lynch 509.34 3 6.47%
5 Jefferies LLC 409.89 4 5.21%