CDO Manager Sells High-Yield CDS

Washington Square Investment Management, a collateralized debt obligation manager, has sold credit-default protection on a string of high-yield names.

  • 27 May 2005
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Washington Square Investment Management, a collateralized debt obligation manager, has sold credit-default protection on a string of high-yield names. The five-year swaps are referenced to names in the iTraxx Crossover index. Miguel Ramos, managing partner in London, said the deals take advantage of recent spread widening in the index, which saw some names blow out by more than 100 basis points.

Ahold and Eircom were two of the CDS the firm traded, according to Ramos, who said it received premiums of between 250 to 280bps for each trade. "We felt comfortable doing these trades because we had already heavily researched the names and were ready to take them on in a medium-term view," he added.

Ramos declined to name counterparties, but said careful consideration had been given on selection because the difference in premium prices was surprising.

  • 27 May 2005

All International Bonds

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1 Citi 20,521.83 80 6.93%
2 Barclays 20,382.90 37 6.89%
3 JPMorgan 18,760.94 72 6.34%
4 Goldman Sachs 17,444.96 41 5.89%
5 BNP Paribas 16,525.22 36 5.58%

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Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 48,528.41 214 6.32%
2 Deutsche Bank 44,075.51 161 5.74%
3 BNP Paribas 41,452.79 240 5.40%
4 JPMorgan 37,278.65 134 4.85%
5 SG Corporate & Investment Banking 36,258.27 187 4.72%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 1,607.28 5 24.01%
2 Credit Suisse 1,301.65 4 19.45%
3 UBS 970.80 3 14.50%
4 BNP Paribas 522.35 4 7.80%
5 SG Corporate & Investment Banking 444.17 3 6.64%