ISDA Working Group Discusses Restructuring

  • 05 Feb 2001
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A working group for the International Swaps and Derivatives Association met as DW was going to press Friday to discuss creating a new definition of restructuring as a credit event. In a letter to members of the working group, Bob Pickel, director and ceo, explained that the goal of the meeting was to discuss possible principles for a new definition of restructuring.

Market players have been debating for several months how to change the definition of restructuring, if at all. Some market makers have suggested not including restructuring in standard single-name credit default swap prices. Other players argue they require restructuring as a credit event in order to properly hedge credit exposure (DW, 12/25).

"This [meeting] is important because it [restructuring] is the last remaining obstacle from a documentation perspective to real standardization of the product," explained Chip Goodrich, managing director in the legal department at Deutsche Bank in New York.

Pickel included in his letter suggested principles from an ad hoc committee of loan portfolio managers, the credit portfolio management group, to serve as a starting point for conversation.

Although most of the suggestions in this draft have been mentioned before, several traders noted that there is a novel idea regarding creating a "restricted credit derivative" to serve as a bridge when the buyer of credit protection is seeking consent to reassign a loan. Click Here to see the draft.

  • 05 Feb 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 35,106.76 122 7.85%
2 JPMorgan 30,256.65 110 6.77%
3 Barclays 29,969.05 73 6.70%
4 Goldman Sachs 28,948.54 58 6.48%
5 Deutsche Bank 24,623.55 77 5.51%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 SG Corporate & Investment Banking 5,729.50 4 34.37%
2 ING 1,140.87 4 6.84%
2 BNP Paribas 1,140.87 4 6.84%
4 Citi 841.02 3 5.04%
5 Mitsubishi UFJ Financial Group 811.02 2 4.86%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,607.28 5 19.42%
2 Credit Suisse 1,301.65 4 15.73%
3 UBS 970.80 3 11.73%
4 BNP Paribas 522.35 4 6.31%
5 SG Corporate & Investment Banking 444.17 3 5.37%