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 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 %
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1 Citi 81,261.11 236 11.59%
2 Bank of America Merrill Lynch 66,338.04 186 9.46%
3 Wells Fargo Securities 56,344.19 164 8.03%
4 JPMorgan 53,381.65 156 7.61%
5 Credit Suisse 44,872.46 115 6.40%