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 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 %
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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%