Japanese Rater Preps CDO Model

Japanese rating agency Rating & Investment Information is planning to launch a new ratings model for synthetic CDOs.

  • 28 Jul 2006
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Japanese rating agency Rating & Investment Information is planning to launch a new ratings model for synthetic CDOs. The move is in response to the strengthening local economy which has prompted a dramatic decline in bankruptcy levels.

"We'll looking to lower the subordination required for BBB and BB tranches," said Ichinori Kitahara, chief analyst in the structured finance rating department in Tokyo. Such tranches are a sweet spot for many domestic single-tranche deals, given the persistent tightness of spreads in Japan, which has brought many investors down the capital structure to pick up yield. Kitahara continued the new CDO model should be in place before the end of the year.

International rating agencies have also been retooling their CDO models (DW, 11/18) and changing the subordination requirements within the capital structures.

  • 28 Jul 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 162,498.05 705 8.03%
2 Citi 160,009.61 642 7.91%
3 Bank of America Merrill Lynch 131,789.43 523 6.52%
4 Barclays 127,011.96 491 6.28%
5 HSBC 105,841.39 530 5.23%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 12,912.95 35 6.65%
2 BNP Paribas 12,334.48 61 6.35%
3 UniCredit 11,196.47 58 5.77%
4 Citi 9,580.75 37 4.93%
5 Deutsche Bank 8,953.95 35 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 5,454.13 25 10.54%
2 JPMorgan 4,866.13 28 9.40%
3 Goldman Sachs 4,280.20 20 8.27%
4 Citi 3,649.88 23 7.05%
5 UBS 3,602.23 16 6.96%