CDO Pro Calls For Vendor Info On Secondary Market

Zais Group, a CDO manager, is calling for an eBay-type seller rating for portfolio managers offloading collateralized debt obligations in the secondary market so that potential purchasers don't waste resources trying to price deals that never get sold.

  • 14 Mar 2004
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Zais Group, a CDO manager, is calling for an eBay-type seller rating for portfolio managers offloading collateralized debt obligations in the secondary market so that potential purchasers don't waste resources trying to price deals that never get sold. Denise Crowley, portfolio manager, said in many cases vendors soliciting bids for their CDOs do not complete the sale, which is frustrating for those putting in work for the deals. While it is understandable that sellers want to meet reserve prices, it appears many sellers are not serious about shifting the portfolios, she said.

Crowley suggested that the secondary CDO market could benefit from a system similar to that of eBay, in which sellers are rated by buyers. Vendors attracting negative reviews would likely see less efficient execution of their sales as they will ultimately attract fewer bidders, she said.

  • 14 Mar 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 417,761.51 1606 9.02%
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3 Bank of America Merrill Lynch 364,928.71 1322 7.88%
4 Goldman Sachs 269,252.76 932 5.82%
5 Barclays 267,252.43 1082 5.77%

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1 HSBC 45,449.36 196 6.57%
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3 Deutsche Bank 37,615.10 139 5.44%
4 JPMorgan 34,724.19 118 5.02%
5 Bank of America Merrill Lynch 33,835.53 112 4.89%

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1 JPMorgan 22,475.00 105 8.66%
2 Morgan Stanley 19,057.00 101 7.34%
3 Citi 17,812.08 111 6.86%
4 UBS 17,693.89 71 6.82%
5 Goldman Sachs 17,332.64 99 6.68%