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 241,977.38 927 8.19%
2 JPMorgan 223,817.40 997 7.58%
3 Bank of America Merrill Lynch 216,160.55 723 7.32%
4 Barclays 185,098.93 672 6.27%
5 Goldman Sachs 158,991.47 518 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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%