JPMorgan, Cheyne Pitch Novel Capital-Protected CDO

JPMorgan and Cheyne Capital Management are pitching a first-of-a-kind collateralized debt obligation with capital protection.

  • 29 Jul 2005
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JPMorgan and Cheyne Capital Management are pitching a first-of-a-kind collateralized debt obligation with capital protection. Capital-protected credit tranches have proved popular in Asia and Europe in recent months (DW, 7/1), but this is believed to be the first deal to combine more than one tranche.

Officials say the deal, managed by Cheyne, uses a variation of constant proportion portfolio insurance known as synthetic portfolio insurance to protect capital invested. The precise details of the capital protection method and the potential size of the deal could not be determined by press time.

One investor who has been marketed the structure said it consists of a long equity tranche and a short mezzanine tranche on different managed portfolios. Officials at Cheyne and JPMorgan in London declined comment.

  • 29 Jul 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 241,977.38 927 8.19%
2 JPMorgan 223,817.40 997 7.58%
3 Bank of America Merrill Lynch 216,160.55 723 7.32%
4 Barclays 185,098.93 672 6.27%
5 Goldman Sachs 158,991.47 518 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.54%
2 BNP Paribas 32,284.10 130 6.49%
3 UniCredit 26,992.47 123 5.43%
4 SG Corporate & Investment Banking 26,569.73 97 5.34%
5 Credit Agricole CIB 23,807.36 111 4.79%

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 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%