Credit Derivative Product Companies To Flood Mart

A deluge of credit derivative product companies is set to hit the market over the next year and some are looking to attain banking licenses, said panelists discussing CDO innovation.

  • 16 Jun 2006
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A deluge of credit derivative product companies is set to hit the market over the next year and some are looking to attain banking licenses, said panelists discussing CDO innovation. More than a dozen vehicles are in the pipeline in both Europe and the U.S. "There is a flurry of creation on this front," said Hubert Le Liepvre, deputy head of the structured credit group at SG Corporate & Investment Banking.

CDPCs are highly-rated counterparty vehicles which take on risk in the senior part of the capital structure. "[A dozen] is a high number of new entrants into the correlation business," said Anne Wrobel, managing director at monoline Financial Security Assurance. She also noted wryly that CDPCs are "bad news" for monolines because they offer almost the same service but at lower prices.

  • 16 Jun 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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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 %
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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 %
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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%