Deutsche Bank's Investment Arm Considers Credit Push

  • 01 Jun 2002
Email a colleague
Request a PDF

Deutsche Asset Management Australia, the Antipodean fund management arm of Deutsche Bank with USD40 billion under management, is in the early stages of studying the possibility of purchasing its first synthetic collateralized debt obligation and boosting its investment in credit derivatives for its AUD5 billion (USD2.87 billion) fixed-income portfolio. "Credit derivatives are a good way to improve the diversification of the underlying portfolio," said Bill Bovingdon, head of fixed-income in Sydney.

The fund manager is studying Australian dollar-denominated synthetic CDOs on a case-by-case basis, but Bovingdon said it will likely take some time before it invests. "It's still the early days," he added, declining to elaborate on potential structures.

Bovingdon said credit derivatives currently make up around 10% of the portfolio and that could rise to 15-20% within six-months. The asset manager primarily purchases credit-linked notes and sells credit-default protection on Australian names when they offer a more attractive yield than the underlying bonds.

 

  • 01 Jun 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 59,389.63 191 8.32%
2 JPMorgan 58,294.01 209 8.16%
3 Barclays 49,613.60 160 6.95%
4 Bank of America Merrill Lynch 42,095.04 147 5.90%
5 Deutsche Bank 38,720.01 140 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 998.25 3 13.45%
2 Citi 693.55 2 9.34%
3 Morgan Stanley 572.72 3 7.72%
4 Bank of America Merrill Lynch 509.34 3 6.86%
5 Jefferies LLC 409.89 4 5.52%