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 %
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1 JPMorgan 102,994.82 409 8.29%
2 Citi 96,697.47 362 7.78%
3 Barclays 82,826.79 294 6.66%
4 Bank of America Merrill Lynch 82,541.75 313 6.64%
5 HSBC 66,026.80 322 5.31%

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Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 8,946.93 17 9.40%
2 Deutsche Bank 6,056.30 15 6.36%
3 Commerzbank Group 5,474.20 22 5.75%
4 BNP Paribas 5,160.94 25 5.42%
5 UniCredit 4,424.51 19 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 2,328.59 11 11.04%
2 Morgan Stanley 2,132.71 13 10.11%
3 Bank of America Merrill Lynch 1,598.67 7 7.58%
4 JPMorgan 1,544.99 8 7.32%
5 UBS 1,229.93 7 5.83%