European Index Discussions Tabled

Dealers plan to meet later this month for a fresh round of discussions on the development of a European synthetic ABS index, which will comprise CDS on ABS underlying, seen as vital for market evolution.

  • 09 Jun 2006
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Dealers plan to meet later this month for a fresh round of discussions on the development of a European synthetic ABS index, which will comprise CDS on ABS underlying, seen as vital for market evolution. This follows thwarted attempts last year in which a series of meetings produced a template for a AAA-only cash underlying CMBS index, now seen as unsuitable for the market. Coming talks will include buy-siders and Markit Partners.

Ganesh Rajendra, managing director and head of securitization at Deutsche Bank in London, said BBB or lower rated assets are arguably the only markets where there is sufficient volatility to be monetized via an index. CMBS and sub-prime assets were also mooted by speakers.

At present, derivative contracts can be written on the iBoxx EUR ABS 50, which was launched by a group of dealers in February. Trading on this index however has been slim, said Rob Ford, head of European ABS trading at Barclays Capital in London. "Of the 20 contributing dealers, a handful are still not in a position to trade it even though they are contributing prices." He attributed this to problems with documentation and system administration.

  • 09 Jun 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 279,044.54 1077 8.14%
2 JPMorgan 269,727.78 1175 7.87%
3 Bank of America Merrill Lynch 252,265.52 846 7.36%
4 Barclays 208,923.91 770 6.10%
5 Goldman Sachs 186,335.71 608 5.44%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 35,544.70 147 6.51%
2 JPMorgan 32,630.93 64 5.98%
3 UniCredit 29,482.91 134 5.40%
4 SG Corporate & Investment Banking 29,116.48 111 5.33%
5 Credit Agricole CIB 26,776.31 135 4.90%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,322.29 47 9.04%
2 Goldman Sachs 10,369.68 49 8.28%
3 Citi 9,112.07 51 7.28%
4 UBS 6,515.43 25 5.20%
5 Morgan Stanley 6,436.97 42 5.14%