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 324,607.67 1260 8.10%
2 JPMorgan 317,157.29 1380 7.92%
3 Bank of America Merrill Lynch 292,436.96 1003 7.30%
4 Barclays 245,367.72 916 6.12%
5 Goldman Sachs 216,514.13 726 5.40%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 45,589.37 178 7.11%
2 JPMorgan 43,572.44 88 6.79%
3 Credit Agricole CIB 33,071.14 158 5.15%
4 UniCredit 32,917.16 149 5.13%
5 SG Corporate & Investment Banking 32,145.89 124 5.01%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,559.65 59 8.93%
2 Goldman Sachs 13,209.37 65 8.70%
3 Citi 9,711.73 55 6.40%
4 Morgan Stanley 8,471.86 53 5.58%
5 UBS 8,136.41 33 5.36%