Barclays Creates Bearish Housing Note

Barclays Capital has structured an investment which pays out if housing prices fall.

  • 16 Jun 2006
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Barclays Capital has structured an investment which pays out if housing prices fall. The two-year notes are linked to the Philadelphia Stock Exchange Housing Sector Index, and investors receive 115% return on capital if after two years the index is below its starting level. If at maturity the index is equal to or above the starting level, investors' capital is returned.

Such investments, structured by combining options on the index with zero-coupon bonds, have become common in Europe. While several property growth notes have also been sold in the U.S., a bear note is rare. An official familiar with the deal said it came about following a request from a distributor.

  • 16 Jun 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 255,554.16 1146 8.47%
2 Citi 232,791.64 969 7.71%
3 Bank of America Merrill Lynch 199,027.99 814 6.59%
4 Barclays 184,008.42 751 6.10%
5 HSBC 144,676.82 801 4.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 31,283.69 132 7.81%
2 Credit Agricole CIB 27,347.56 115 6.83%
3 JPMorgan 23,350.32 62 5.83%
4 Bank of America Merrill Lynch 22,698.09 61 5.67%
5 UniCredit 19,891.92 110 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,160.55 49 10.10%
2 Morgan Stanley 7,744.92 38 9.59%
3 Goldman Sachs 6,966.15 37 8.62%
4 Citi 5,856.44 44 7.25%
5 UBS 4,820.17 25 5.97%