ISDA CMCDS Docs Set For Next Month

The International Swaps and Derivatives Association's template for constant maturity credit-default swaps is set to be published next month.

  • 16 Sep 2005
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The International Swaps and Derivatives Association's template for constant maturity credit-default swaps is set to be published next month. The document is aimed at boosting the market by creating standard market practices, including how dealers calculate the periodic resetting of the constant maturity coupon, said Bryon Lancaster, a director at UBS in London and head of the ISDA working committee drafting the template. As with all ISDA projects, the aim is to bring stability and transparency to the market.

In a CMCDS, the seller of protection gets paid a premium set at a proportion, for example 85%, of the current credit spread. This premium is then reset periodically, meaning that if spreads rise the protection seller will benefit rather than suffering a mark-to-market loss. At present, there is no uniformity between houses when resetting the price. The template aims to force firms to price within a standard range, effectively eliminating from the market any dealers who propose non-standard prices. Louise Marshall, spokeswoman for ISDA in New York, declined comment. Market officials said there is potential for CMCDS to become popular trades, particularly if the CDS yield curve flattens in the coming months.

  • 16 Sep 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 30,363.50 109 7.56%
2 JPMorgan 27,423.07 94 6.82%
3 Goldman Sachs 27,365.68 53 6.81%
4 Barclays 25,009.79 63 6.22%
5 Deutsche Bank 22,679.02 69 5.64%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Mizuho 299.85 1 21.73%
1 ING 299.85 1 21.73%
1 Commerzbank Group 299.85 1 21.73%
1 BNP Paribas 299.85 1 21.73%
5 UBS 60.22 1 4.36%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 22.59%
2 Credit Suisse 1,301.65 4 18.30%
3 UBS 970.80 3 13.65%
4 BNP Paribas 522.35 4 7.34%
5 SG Corporate & Investment Banking 444.17 3 6.24%