BofA Preps Taiwan Credit Push

Bank of America recently obtained an onshore credit derivatives license in Taiwan which it will use to market local currency credit products.

  • 22 Jul 2005
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Bank of America recently obtained an onshore credit derivatives license in Taiwan which it will use to market local currency credit products. Joey Wang, treasurer in Taipei, told DW the firm is gearing up to offer instruments such as credit-linked notes to institutional investors and banks. The bank has been looking to get into the market since last year (DW, 12/17).

Previously, Bank of America distributed U.S. dollar-based products but an onshore license will allow the firm to avoid ceilings for investors on foreign currency holdings via quanto-swapping structures into Taiwan dollars. Wang added the firm will also consider entering domestic CDS trading, though it will take a few years until a liquid market develops.

A handful of local and foreign banks including BNP Paribas and Deutsche Bank have obtained onshore licensing for credit derivatives (DW, 1/27/03). Houses have been actively selling local currency notes and CDOs, but to date onshore default-swap trading has remained limited.

  • 22 Jul 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 324,607.67 1260 8.10%
2 JPMorgan 317,157.29 1380 7.92%
3 Bank of America Merrill Lynch 292,436.96 1003 7.30%
4 Barclays 245,367.72 916 6.12%
5 Goldman Sachs 216,514.13 726 5.40%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 45,589.37 178 7.10%
2 JPMorgan 43,572.44 88 6.79%
3 Credit Agricole CIB 33,071.14 158 5.15%
4 UniCredit 33,064.66 151 5.15%
5 SG Corporate & Investment Banking 32,145.89 124 5.01%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,559.65 59 8.93%
2 Goldman Sachs 13,209.37 65 8.70%
3 Citi 9,711.73 55 6.40%
4 Morgan Stanley 8,471.86 53 5.58%
5 UBS 8,136.41 33 5.36%