Accountants To Take Center Stage

  • 19 May 2003
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Accounting issues are set to take center stage as the European and U.S. regulators introduce new rules and set their sights on merging the systems. "Accounting has become one of the most important aspects of the credit derivatives market," according to Alessandro Cocco, v.p. and assistant general counsel in the legal department at JPMorgan in New York.

Whether collateralized debt obligations have to be consolidated onto the holder's balance sheet is one of the hottest issues, according to Peter Jeffrey, partner at PricewaterhouseCoopers in London. "This is where the key accounting debate will be," he added.

The main criteria in the U.S. is which investor holds the majority of the expected loss, if no institution satisfies this then it comes down to who will receive a majority of the expected profit. This will often be the CDO manager, especially if they have a performance-related fee and hold junior notes, according to Jeffrey.

Accountants To Take Center Stage

Accounting issues are set to take center stage as the European and U.S. regulators introduce new rules and set their sights on merging the systems. "Accounting has become one of the most important aspects of the credit derivatives market," according to Alessandro Cocco, v.p. and assistant general counsel in the legal department at JPMorgan in New York.

Whether collateralized debt obligations have to be consolidated onto the holder's balance sheet is one of the hottest issues, according to Peter Jeffrey, partner at PricewaterhouseCoopers in London. "This is where the key accounting debate will be," he added.

The main criteria in the U.S. is which investor holds the majority of the expected loss, if no institution satisfies this then it comes down to who will receive a majority of the expected profit. This will often be the CDO manager, especially if they have a performance-related fee and hold junior notes, according to Jeffrey.

  • 19 May 2003

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 330,700.22 1283 8.07%
2 JPMorgan 323,941.31 1398 7.91%
3 Bank of America Merrill Lynch 298,038.11 1018 7.27%
4 Barclays 250,341.26 930 6.11%
5 Goldman Sachs 220,211.32 736 5.37%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,720.95 183 6.95%
2 JPMorgan 44,545.29 93 6.63%
3 UniCredit 36,248.22 154 5.39%
4 Credit Agricole CIB 33,820.44 161 5.03%
5 SG Corporate & Investment Banking 33,798.79 128 5.03%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,792.73 61 8.93%
2 Goldman Sachs 13,469.15 66 8.72%
3 Citi 9,908.67 56 6.42%
4 Morgan Stanley 8,471.86 53 5.49%
5 UBS 8,248.12 34 5.34%