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 346,069.71 1350 8.09%
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1 BNP Paribas 48,411.81 205 6.53%
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4 SG Corporate & Investment Banking 38,348.83 146 5.17%
5 Credit Agricole CIB 38,097.35 189 5.14%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,514.87 63 9.19%
2 Goldman Sachs 13,469.15 66 8.53%
3 Citi 9,971.36 58 6.32%
4 Morgan Stanley 8,572.10 54 5.43%
5 UBS 8,414.70 37 5.33%