Jumbo Issue To Test High-Yield CDS Appetite

Credit-default swap traders are eager to gauge investor reaction to a large European high-yield bond which will hit the market this week.

  • 18 Nov 2005
Email a colleague
Request a PDF

Credit-default swap traders are eager to gauge investor reaction to a large European high-yield bond which will hit the market this week. They say the volume of protection written on the EUR1.25 billion (USD1.45 billion) note issued by Italian telecom company Wind Telecomunicazioni will indicate the risk appetite of synthetic investors for high-yield CDS. "It will show if investors are really interested in this market and new names, or just defending their existing positions," said one trader at a U.S. house in London. He added, "People will use it as a benchmark to price and trade crossover and high yield names."

The bond is a 10-year euro and U.S. dollar-denominated, two-tranche note and is rated B minus by Standard & Poor's and B3 by Moody's Investors Service.

  • 18 Nov 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 236,051.06 909 8.13%
2 JPMorgan 219,920.61 985 7.57%
3 Bank of America Merrill Lynch 211,822.11 711 7.29%
4 Barclays 183,450.68 662 6.32%
5 HSBC 155,970.52 729 5.37%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,467.80 60 6.57%
2 BNP Paribas 32,284.10 130 6.53%
3 UniCredit 26,726.88 122 5.41%
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 8.83%
2 JPMorgan 9,866.02 42 8.57%
3 Citi 8,202.25 45 7.13%
4 UBS 6,098.17 23 5.30%
5 Credit Suisse 5,236.02 28 4.55%