Tax Challenges Delay Muni CDOs

  • 17 Nov 2003
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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
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1 Citi 57,129.47 180 8.21%
2 JPMorgan 56,411.95 198 8.11%
3 Barclays 48,804.69 156 7.01%
4 Bank of America Merrill Lynch 42,042.80 146 6.04%
5 Deutsche Bank 37,689.95 134 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 6,045.16 4 18.77%
2 BNP Paribas 1,742.18 7 5.41%
3 Credit Agricole CIB 1,539.94 8 4.78%
4 MUFG 1,257.24 4 3.90%
5 SG Corporate & Investment Banking 1,165.08 6 3.62%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 UBS 709.14 2 11.20%
2 Citi 693.55 2 10.95%
3 Jefferies LLC 409.89 4 6.47%
4 BNP Paribas 341.77 2 5.40%
5 Investec Ltd 340.28 3 5.37%