Jupiter Eyes Vol Hedge For Structured Tranche

Jupiter Asset Management is planning to hedge its exposure to equity volatility during the pricing period of its next structured product.

  • 24 Nov 2004
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Jupiter Asset Management is planning to hedge its exposure to equity volatility during the pricing period of its next structured product. The second tranche of Jupiter's synthetic zero-dividend preference shares product (DW, 9/17), will launch in January. Jupiter will look to tweak the structure to improve on the first issue, said Richard Pavry, director at Jupiter in London. The price of the first tranche in September was not as favorable as the indicative pricing in the marketing material because of an upswing in volatility at launch, explained Pavry.

The first tranche of the product, wrapped as a closed-ended fund, raised around GBP150 million (USD279 million). The structure is designed to replicate the payoff of zero-dividend preference shares issued by split capital investment trusts. Split capital investment trusts are being run down after losing money and the favor of investors when the stock market bubble burst in 2000/2001, but asset managers say there is still demand for payout profiles based on the ZDP share class.

  • 24 Nov 2004

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 %
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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 %
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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%