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
Email a colleague
Request a PDF

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 344,473.92 1340 8.09%
2 JPMorgan 340,456.96 1464 8.00%
3 Bank of America Merrill Lynch 305,654.09 1051 7.18%
4 Barclays 256,667.84 965 6.03%
5 Goldman Sachs 227,104.06 767 5.34%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,952.57 194 6.54%
2 JPMorgan 46,108.71 102 6.43%
3 UniCredit 39,106.98 168 5.45%
4 Credit Agricole CIB 36,670.04 182 5.11%
5 SG Corporate & Investment Banking 35,773.91 138 4.99%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,088.48 62 8.97%
2 Goldman Sachs 13,469.15 66 8.58%
3 Citi 9,948.21 58 6.34%
4 Morgan Stanley 8,572.10 54 5.46%
5 UBS 8,391.04 36 5.34%