Novation Protocol For Newbies Plotted

The International Swaps and Derivatives Association, along with a group of dealers and lawyers, is working on updating its novation protocol to ease adherence for new entrants to the credit derivatives market.

  • 23 Dec 2005
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The International Swaps and Derivatives Association, along with a group of dealers and lawyers, is working on updating its novation protocol to ease adherence for new entrants to the credit derivatives market. The protocol, issued Sept. 12 and implemented Oct. 24, was a dealer-led response to concerns from the Federal Reserve Bank of New York over unconfirmed backlogs of third-party trade assignments (DW, 10/3).

The adherence period for the protocol closed Nov. 30, with more than 2,000 adherents. And, despite complaints by hedge funds and arm-twisting by dealers (DW, 10/24), the protocol has proven reasonably successful. But funds are popping up all the time and new entrants have found the protocol's requirements cumbersome and operationally burdensome. This has led to the group of dealers and ISDA re-forming to consider ways of easing adherence for new users.

ISDA is consulting with the membership with the notion of launching a protocol in 2006 that will be permanently open for adherence to new funds and other users, said Louise Marshall, spokeswoman for ISDA. The tentative name of the project is the "Evergreen Protocol."

  • 23 Dec 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 132,387.73 545 8.30%
2 Citi 123,981.47 487 7.78%
3 Bank of America Merrill Lynch 105,093.26 413 6.59%
4 Barclays 99,545.40 383 6.24%
5 HSBC 81,053.20 424 5.08%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 11,525.35 30 7.25%
2 BNP Paribas 8,422.96 46 5.30%
3 UniCredit 8,389.55 43 5.28%
4 Deutsche Bank 8,298.69 30 5.22%
5 Commerzbank Group 7,837.68 40 4.93%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 4,425.28 19 11.23%
2 Goldman Sachs 4,006.06 15 10.16%
3 Citi 3,527.84 22 8.95%
4 JPMorgan 2,809.08 19 7.13%
5 UBS 2,241.39 12 5.69%