CDS Price Set for Collins & Aikman

In an important development for the credit default swap market, a price and protocol was reached to settle CDS index trades referencing Collins & Aikman Corp.'s debt.

  • 17 Jun 2005
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In an important development for the credit default swap market, a price and protocol was reached to settle CDS index trades referencing Collins & Aikman Corp.'s debt. There are 100 names in the Dow Jones CDX North American High Yield Index, but after Collins & Aikman declared bankruptcy it was removed from the index.

The auction enabled parties to amend the trades from a physical to a cash settlement mechanism and the protocol was designed by The International Swaps and Derivatives Association and administered by Markit Group and Creditex. The price for Collins & Aikman's bonds maturing in December 2011 was determined to be 43 5/8. Thirteen dealers submitted live market prices on the bonds and 448 parties adhered to the decision. The $470 million "B" loan is currently quoted at 91 3/8-93 3/8.

  • 17 Jun 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 118,616.77 341 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.85%
3 JPMorgan 92,612.23 269 8.66%
4 Wells Fargo Securities 82,597.19 239 7.72%
5 Credit Suisse 70,475.74 184 6.59%