BMA Turns 30, Charts Course

The Bond Market Association is celebrating its 30th anniversary by laying out its future path and continued transparency is one of the main stepping stones.

  • 03 Feb 2006
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The Bond Market Association is celebrating its 30th anniversary by laying out its future path and continued transparency is one of the main stepping stones. This transparency could include not only data collection, but information dissemination and how it affects liquidity, said Micah Green, president and ceo of the association. The BMA is also considering how the availability of that information affects the regulatory process.

Transparency will be important not only in the U.S., but also in Europe. The association is working with the newly merged European High Yield Association to work on price transparency. Green said the group will help the European market by building on what did and did not work in the U.S.

Green also anticipates continued interest in the development and convergence of the marketplace between cash markets and credit derivatives. He said the BMA has been working with the International Swaps and Derivatives Association on that space. The association will also continue to work to ensure the tax-exempt status of municipal bonds is protected and enhanced.

Along with Europe, the BMA is very interested in the Asian markets. It held its second Annual Global Government Bond Conference in Hong Kong in the fall and hopes to continue to help develop that market. "Clearly there is a desire among Asian market participants [to become involved]," Green said. "[They want] the markets to grow locally as well as regionally and clearly they want to be a part of the global marketplace and we are engaging in dialogue to try and assess show to provide assistance to them." He explained that it will be a matter of how big the credit space grows, and as more private companies grow and the economy grows, there will be a need for raising capital to finance additional plants and equipment.

  • 03 Feb 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 104,581.71 299 10.92%
2 Bank of America Merrill Lynch 86,347.40 249 9.02%
3 JPMorgan 80,990.39 237 8.46%
4 Wells Fargo Securities 77,934.65 225 8.14%
5 Credit Suisse 63,570.21 165 6.64%