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 163,028.47 711 8.04%
2 Citi 160,005.15 642 7.90%
3 Bank of America Merrill Lynch 132,268.74 528 6.53%
4 Barclays 127,185.71 494 6.28%
5 HSBC 106,407.22 534 5.25%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 12,912.95 35 6.60%
2 BNP Paribas 12,334.48 61 6.31%
3 UniCredit 11,196.47 58 5.73%
4 Citi 9,580.75 37 4.90%
5 Deutsche Bank 8,953.95 35 4.58%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 5,578.64 26 10.66%
2 JPMorgan 4,866.13 28 9.30%
3 Goldman Sachs 4,404.70 21 8.41%
4 Citi 3,774.39 24 7.21%
5 UBS 3,602.23 16 6.88%