Siemens Predicts Other Corporates Will Start Hedging Credit

Several years after it entered its first credit derivatives Siemens Financial Services is still one of the only corporates that hedges its credit risk, but Ralf Lierow, director in Munich, thinks that is going to change.

  • 02 May 2004
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Several years after it entered its first credit derivatives Siemens Financial Services is still one of the only corporates that hedges its credit risk, but Ralf Lierow, director in Munich, thinks that is going to change.

Lierow believes that in the coming years the rating agencies will look at how corporates manage risk and reward them accordingly. He added, however, that this could take five years. In addition, equity and bond investors will start to reward companies for hedging their credit risk.

  • 02 May 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 330,700.22 1283 8.07%
2 JPMorgan 323,941.31 1398 7.91%
3 Bank of America Merrill Lynch 298,038.11 1018 7.27%
4 Barclays 250,341.26 930 6.11%
5 Goldman Sachs 220,211.32 736 5.37%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 46,720.95 183 6.95%
2 JPMorgan 44,545.29 93 6.63%
3 UniCredit 36,248.22 154 5.39%
4 Credit Agricole CIB 33,820.44 161 5.03%
5 SG Corporate & Investment Banking 33,798.79 128 5.03%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,792.73 61 8.93%
2 Goldman Sachs 13,469.15 66 8.72%
3 Citi 9,908.67 56 6.42%
4 Morgan Stanley 8,471.86 53 5.49%
5 UBS 8,248.12 34 5.34%