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 330,700.22 1283 8.07%
2 JPMorgan 323,941.31 1398 7.91%
3 Bank of America Merrill Lynch 298,038.11 1018 7.27%
4 Barclays 250,341.26 930 6.11%
5 Goldman Sachs 220,211.32 736 5.37%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,720.95 183 6.95%
2 JPMorgan 44,545.29 93 6.63%
3 UniCredit 36,248.22 154 5.39%
4 Credit Agricole CIB 33,820.44 161 5.03%
5 SG Corporate & Investment Banking 33,798.79 128 5.03%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,792.73 61 8.93%
2 Goldman Sachs 13,469.15 66 8.72%
3 Citi 9,908.67 56 6.42%
4 Morgan Stanley 8,471.86 53 5.49%
5 UBS 8,248.12 34 5.34%