DrKW Pitches Bund/Swap Spread Notes

  • 06 Oct 2003
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Dresdner Kleinwort Wasserstein has started selling structured notes that reference German Bund/swap spreads to investors who believe the European economic recovery is just around the corner. A typical note pays a fixed coupon for the first two years and then switches to leveraged exposure to the Bund/swap spread, according to Achim Beck, managing director and head of derivatives marketing for Germany and Austria.

The Bund/swap spread is the spread between German government bonds and the euro interest-rate swap curve. In an economic recovery banks will issue debt to finance corporate borrowing and the government will get more money through taxation so will not have to issue as much debt, explained Beck. Supply and demand ensures that the spread between the two markets will widen.

  • 06 Oct 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 241,652.19 924 8.19%
2 JPMorgan 223,721.63 996 7.58%
3 Bank of America Merrill Lynch 216,064.78 722 7.32%
4 Barclays 184,894.55 671 6.27%
5 Goldman Sachs 158,954.58 518 5.39%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 32,522.19 61 6.56%
2 BNP Paribas 32,284.10 130 6.51%
3 UniCredit 26,992.47 123 5.44%
4 SG Corporate & Investment Banking 26,569.73 97 5.36%
5 Credit Agricole CIB 23,807.36 111 4.80%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%