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 20,817.74 56 8.80%
2 Citi 20,610.84 51 8.72%
3 Barclays 16,808.93 39 7.11%
4 HSBC 16,223.20 45 6.86%
5 BNP Paribas 14,082.74 30 5.95%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 56,371.71 236 6.79%
2 Credit Agricole CIB 50,115.87 240 6.03%
3 JPMorgan 46,785.38 108 5.63%
4 UniCredit 45,665.76 207 5.50%
5 SG Corporate & Investment Banking 43,321.52 173 5.21%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 114.77 1 17.52%
1 BNP Paribas 114.77 1 17.52%
3 Commerzbank Group 65.85 2 10.05%
4 Oakley Advisory Ltd 64.52 1 9.85%
4 Barclays 64.52 1 9.85%