Credit Products Linked To Nascent Sub-Indices Ready Takeoff

Credit derivatives professionals are seeing initial interest for options and tranches linked to the recently launched credit sub-indexes in Asia and expect the first deals to hit within the coming weeks.

  • 27 Aug 2004
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Credit derivatives professionals are seeing initial interest for options and tranches linked to the recently launched credit sub-indexes in Asia and expect the first deals to hit within the coming weeks. "Funds are looking at this as a way to hedge bond positions, banking loans or CDOs," said an official at JPMorgan.

The new sub-indices created on the back of the merger of rival credit indices TRAC-X and iBoxx include the Korea, Greater China and Rest of Asia products. "I don't think this will be huge, but we should start seeing some trades," said a credit trader, noting that first-to-default baskets on the sub-indexes have also been structured in recent weeks.

  • 27 Aug 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 258,217.27 1163 8.45%
2 Citi 236,358.12 986 7.73%
3 Bank of America Merrill Lynch 202,456.88 830 6.63%
4 Barclays 186,995.98 767 6.12%
5 Goldman Sachs 146,305.33 608 4.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 31,706.24 135 7.74%
2 Credit Agricole CIB 27,567.28 117 6.73%
3 JPMorgan 23,570.89 63 5.75%
4 Bank of America Merrill Lynch 23,072.58 63 5.63%
5 UniCredit 20,250.58 112 4.94%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 8,160.55 49 10.08%
2 Morgan Stanley 7,744.92 38 9.56%
3 Goldman Sachs 6,966.15 37 8.60%
4 Citi 5,856.44 44 7.23%
5 UBS 4,823.67 25 5.96%