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 Citi 2,007 6 18.96
2 BNP Paribas 1,434 4 13.55
3 Goldman Sachs 1,392 3 13.15
4 Barclays 1,097 2 10.37
5 Morgan Stanley 1,094 2 10.34

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 18,228.90 62 10.55%
2 JPMorgan 17,535.24 47 10.14%
3 Wells Fargo Securities 16,128.82 45 9.33%
4 Bank of America Merrill Lynch 15,717.90 52 9.09%
5 Barclays 12,370.12 42 7.16%