U.S. Pension Funds Dive Into Rate Swaps

U.S. pension funds are jumping into interest rate swaps this quarter.

  • 06 May 2005
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U.S. pension funds are jumping into interest rate swaps this quarter. Traders said a combination of rising interest rates and continued poor equity performance is driving the funds to manage their liabilities through swaps rather than rely on their assets to grow.

"We have seen half a dozen or so large pension funds begin executing or authorizing execution of swap programs," said Robert Leary, a managing director with AIG Financial Products and marketer of over-the-counter products in Wilton, Conn. "We expect to see a significant increase in these type of swap programs by corporate pension funds as rates rise," he added. He has seen a flurry of activity since March, when funds began implementing strategies agreed upon by investment committees in first quarter meetings. Pension funds tend to use 10, 20 or 30-year swaps, he added. Rate swap programs piqued the interest of European funds last autumn in view of European Union accounting changes (DW, 10/1).

  • 06 May 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 417,651.57 1605 9.04%
2 JPMorgan 380,255.75 1735 8.23%
3 Bank of America Merrill Lynch 360,270.83 1308 7.80%
4 Goldman Sachs 268,034.61 924 5.80%
5 Barclays 267,242.43 1081 5.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 45,449.36 196 6.57%
2 BNP Paribas 38,734.80 217 5.60%
3 Deutsche Bank 37,615.10 139 5.44%
4 JPMorgan 34,724.19 118 5.02%
5 Bank of America Merrill Lynch 33,835.53 112 4.89%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,475.00 105 8.66%
2 Morgan Stanley 19,057.00 101 7.34%
3 Citi 17,812.08 111 6.86%
4 UBS 17,693.89 71 6.82%
5 Goldman Sachs 17,332.64 99 6.68%