GFI Brokers First Inter-Dealer Tranchelet

GFI Group brokered its first European inter-dealer tranchelet trade on Tuesday.

  • 17 Feb 2006
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GFI Group brokered its first European inter-dealer tranchelet trade on Tuesday. Mike Binns, an official in London, said the EUR10 million, five-year transaction was in the series four iTraxx 1-2% tranche and traded at 1090 basis points running with a 36 bps reference. He declined to name the counterparties.

Tranchelets are thin slices of the equity tranches in the credit derivatives indices (DW, 1/6). The deals have been gaining ground since credit houses began quoting two-way pricing on the instruments last month (DW, 1/20). Binns said GFI is receiving pricing support from a handful of dealers and expects to work on 0-1% and 2-3% tranches, and seven- and 10-year transactions, this month. "This market won't explode, but there is good demand," he noted.

  • 17 Feb 2006

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1 Citi 281,642.23 1086 8.16%
2 JPMorgan 270,584.56 1179 7.84%
3 Bank of America Merrill Lynch 253,429.76 853 7.34%
4 Barclays 210,456.38 780 6.09%
5 Goldman Sachs 188,752.91 614 5.47%

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Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 37,171.06 156 6.65%
2 JPMorgan 34,910.99 67 6.25%
3 SG Corporate & Investment Banking 30,338.70 112 5.43%
4 UniCredit 29,482.91 134 5.28%
5 Credit Agricole CIB 27,998.53 136 5.01%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 11,322.29 47 9.04%
2 Goldman Sachs 10,369.68 49 8.28%
3 Citi 9,134.57 51 7.29%
4 UBS 6,515.43 25 5.20%
5 Morgan Stanley 6,459.47 42 5.16%