ISDA Asset-Backed Template To Hit This Month

The International Swaps and Derivatives Association is planning to release this month its long-anticipated debut template for the trading and settlement of credit-default swaps referenced to asset-backed securities.

  • 03 Jun 2005
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The International Swaps and Derivatives Association is planning to release this month its long-anticipated debut template for the trading and settlement of credit-default swaps referenced to asset-backed securities. The initiative comes as trading in ABS protection has surged in recent months and dealers have been anxious to codify market standards (BW, 12/06). ISDA has been planning to release the template in the second quarter since last year.

Louise Marshall, spokeswoman for ISDA in New York, said it intends to soon release the guidelines, dubbed the 2005 ISDA CDS on ABS Template for Cash and Physical Settlement. She noted this template is targeted at the inter-dealer market for ABS default swaps and the trade group is also working on a template intended for monolines active in the burgeoning market. Those guidelines are likely to be more based on a pay-as-you-go system, she added.

Although Marshall declined to speculate if ISDA documentation would prompt new investors into taking out protection on asset-backeds, she noted it certainly will not hurt liquidity. "It always helps to have a recognized, non-partisan standard," she said.

  • 03 Jun 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%