ITraxx Suite Bucks Tightening Trend

Months of spread tightening on the European iTraxx suite reversed this week on the back of players exiting long bond/short credit-default swap positions.

  • 19 May 2006
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Months of spread tightening on the European iTraxx suite reversed this week on the back of players exiting long bond/short credit-default swap positions. Traders said last week's downturn in the cash equity markets acted as a signal for people to take profit and buy protection on the indices, which drove spreads wider. "People have been trigger-happy calling the chop," said one London-based trader.

The five-year European Main index broadened to 30.5 basis points Tuesday from 26 bps last week, five-year crossover to 252 bps from 225 bps and the five-year HiVol to 54.25 bps from 45 bps over the same period. There was also widening in index tranches, with iTraxx seven-year 3-6% 25 bps wider at 155 bps.

Credit officials, however, don't expect the widening trend to last. "The sell-off will run out of steam," said one strategist ata European house, who noted it was speculative trading pressure driving the blowout and these positions could be reversed again shortly.

  • 19 May 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 239,928.76 921 8.16%
2 JPMorgan 222,471.63 995 7.57%
3 Bank of America Merrill Lynch 215,931.77 721 7.34%
4 Barclays 184,694.55 670 6.28%
5 Goldman Sachs 158,679.40 515 5.40%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.59%
2 BNP Paribas 32,284.10 130 6.54%
3 UniCredit 26,992.47 123 5.47%
4 SG Corporate & Investment Banking 26,569.73 97 5.38%
5 Credit Agricole CIB 23,807.36 111 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,167.68 46 8.82%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%