Tax Challenges Delay Muni CDOs

  • 17 Nov 2003
Email a colleague
Request a PDF

In spite of continued interest in bringing to market synthetic collateralized debt obligations referencing municipal bonds, the challenge of transferring the underlying tax benefits to structured deals continues to hold up issuance. Vandana Sharma, director at Standard & Poor's in New York, said interest in muni structures has evolved from preliminary discussions to now evaluating specific pools of assets and undertaking tranching exercises with specific structurers. In spite of this the asset continues to be in a developmental stage due to the problem posed in preserving the tax-exempt status of the cash flow from such securitizations, she said.

  • 17 Nov 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 325,692.23 1268 8.08%
2 JPMorgan 318,171.08 1387 7.90%
3 Bank of America Merrill Lynch 293,301.12 1008 7.28%
4 Barclays 245,918.13 920 6.10%
5 Goldman Sachs 217,162.09 730 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 45,800.95 180 7.01%
2 JPMorgan 44,256.04 91 6.78%
3 UniCredit 35,452.34 152 5.43%
4 Credit Agricole CIB 33,170.05 159 5.08%
5 SG Corporate & Investment Banking 32,244.80 125 4.94%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,643.79 60 8.96%
2 Goldman Sachs 13,204.47 65 8.67%
3 Citi 9,716.40 55 6.38%
4 Morgan Stanley 8,471.86 53 5.56%
5 UBS 8,136.41 33 5.34%