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
Email a colleague
Request a PDF

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 241,652.19 924 8.19%
2 JPMorgan 223,721.63 996 7.58%
3 Bank of America Merrill Lynch 216,064.78 722 7.32%
4 Barclays 184,894.55 671 6.27%
5 Goldman Sachs 158,954.58 518 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.56%
2 BNP Paribas 32,284.10 130 6.51%
3 UniCredit 26,992.47 123 5.44%
4 SG Corporate & Investment Banking 26,569.73 97 5.36%
5 Credit Agricole CIB 23,807.36 111 4.80%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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%