Structured Credit Survives Auto Downgrades

The downgrade of U.S. autos in May triggered days of panic and structured credit pricing dislocation, but the credit market absorbed the subsequent correlation crisis, said a panel of credit derivative executives.

  • 23 Sep 2005
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The downgrade of U.S. autos in May triggered days of panic and structured credit pricing dislocation, but the credit market absorbed the subsequent correlation crisis, said a panel of credit derivative executives. "The market passed the test when it came under stressed liquidity," noted Pierre Mathieu, European head of credit flow trading at BNP Paribas.

Dealers noted, however, May's pandemonium has left investors and dealers more risk adverse when it comes to structured credit. The long-term fallout is a shift in the market's risk appetite towards structures with strong protection from loss, agreed other panelists.

  • 23 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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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%