UBS Issues Volatility Certificates

UBS has issued one of the first volatility certificates, allowing smaller investors to take views on volatility through the over-the-counter market and diversify their portfolio.

  • 07 Mar 2004
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UBS has issued one of the first volatility certificates, allowing smaller investors to take views on volatility through the over-the-counter market and diversify their portfolio. The certificates, one on the Dow Jones Euro STOXX 50 and another on the Standard & Poor's 500 are effectively forward-starting straddles on the underlying, according to Claude Schmidt, equity structured products marketer in Zurich.

Volatility is generally inversely correlated to equity prices, which means the certificates can be used to add efficiency to a portfolio and as a means of diversification, said Schmidt.

The straddle premiums were 8.13% on the certificate with Euro STOXX as an underlying and 7.65% for Standard & Poor's.

  • 07 Mar 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 300,081.56 1165 8.07%
2 JPMorgan 293,494.39 1273 7.90%
3 Bank of America Merrill Lynch 274,298.19 930 7.38%
4 Barclays 227,181.22 846 6.11%
5 Goldman Sachs 201,953.92 668 5.43%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 42,985.58 172 7.09%
2 JPMorgan 38,694.99 77 6.39%
3 Credit Agricole CIB 32,828.90 156 5.42%
4 UniCredit 32,244.17 143 5.32%
5 SG Corporate & Investment Banking 31,187.44 119 5.15%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,829.62 54 9.00%
2 Goldman Sachs 12,047.80 58 8.45%
3 Citi 9,451.48 53 6.63%
4 Morgan Stanley 8,043.15 48 5.64%
5 UBS 7,829.15 30 5.49%