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 329,208.56 1277 8.09%
2 JPMorgan 321,584.64 1392 7.90%
3 Bank of America Merrill Lynch 296,878.25 1014 7.29%
4 Barclays 249,463.73 926 6.13%
5 Goldman Sachs 218,838.41 733 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 46,136.68 182 7.00%
2 JPMorgan 44,545.29 93 6.76%
3 UniCredit 35,639.50 153 5.41%
4 Credit Agricole CIB 33,211.72 160 5.04%
5 SG Corporate & Investment Banking 32,419.80 126 4.92%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,755.50 61 8.94%
2 Goldman Sachs 13,469.15 66 8.76%
3 Citi 9,716.40 55 6.32%
4 Morgan Stanley 8,471.86 53 5.51%
5 UBS 8,248.12 34 5.36%