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. Аз избрах да пусна тази статия:
http://www.thebanker.com/news/fullst..._Brothers.html
Bank of the Year for Credit Derivatives: Lehman Brothers
Published: 02 October, 2006
Lehman Brothers’ pioneering spirit has put the firm at the forefront of credit derivatives product design and market development. By continuing to foster that spirit, it has secured this year’s award.
In the past year, Lehman developed the first ever rated synthetic equity structure that enables traditional investors who need a rating to access cheap equity.
The structure takes advantage of the relative value of junior parts of the capital structure while providing protection to return against defaults. To date, $2bn of risk has been placed and the new issue pipeline is strong.
“With these kinds of products, we have made it easier for more traditional types of investors, such as money managers and insurance companies, to invest in the structured area for the first time,” says Lisa Watkinson, global head of structured credit business development at Lehman Brothers.
Lehman also pioneered the development of preferred credit default swaps, in which it has traded more than $8bn across more than 60 counterparties, and on which it has based a series of innovations. In September 2005, it introduced a new layer of the capital structure to the credit derivative index market with the launch of PDX, an index referenced to 40 issuers of preferred securities; it has broadened the investor base in the hybrid markets and created a homogenous and liquid pricing/hedging benchmark.
“The cornerstone of our business is the research platform,” says Ms Watkinson. “This enables Lehman Brothers to be prudent and conservative risk managers but innovative in our structuring. And this enables us to tap into new investor bases.”
The judges were particularly impressed with the way Lehman’s investment bankers work with clients to structure solutions. One client praised a complex and highly innovative transaction that Lehman undertook for his firm, in which it simultaneously had to raise capital efficient financing, structure a synthetic collateralised debt obligation (CDO) and raise third-party assets under management.
In the coming year, Ms Watkinson believes that the continued application of CDO technology to synthetic assets will help to drive the market. “Loan-only derivatives will be a huge growth area for Lehman Brothers and the market,” she says. “Such products bring in new investors by allowing us to tap into an asset class that was previously not liquid enough.”
. Аз избрах да пусна тази статия: http://www.thebanker.com/news/fullst..._Brothers.html
Bank of the Year for Credit Derivatives: Lehman Brothers
Published: 02 October, 2006
Lehman Brothers’ pioneering spirit has put the firm at the forefront of credit derivatives product design and market development. By continuing to foster that spirit, it has secured this year’s award.
In the past year, Lehman developed the first ever rated synthetic equity structure that enables traditional investors who need a rating to access cheap equity.
The structure takes advantage of the relative value of junior parts of the capital structure while providing protection to return against defaults. To date, $2bn of risk has been placed and the new issue pipeline is strong.
“With these kinds of products, we have made it easier for more traditional types of investors, such as money managers and insurance companies, to invest in the structured area for the first time,” says Lisa Watkinson, global head of structured credit business development at Lehman Brothers.
Lehman also pioneered the development of preferred credit default swaps, in which it has traded more than $8bn across more than 60 counterparties, and on which it has based a series of innovations. In September 2005, it introduced a new layer of the capital structure to the credit derivative index market with the launch of PDX, an index referenced to 40 issuers of preferred securities; it has broadened the investor base in the hybrid markets and created a homogenous and liquid pricing/hedging benchmark.
“The cornerstone of our business is the research platform,” says Ms Watkinson. “This enables Lehman Brothers to be prudent and conservative risk managers but innovative in our structuring. And this enables us to tap into new investor bases.”
The judges were particularly impressed with the way Lehman’s investment bankers work with clients to structure solutions. One client praised a complex and highly innovative transaction that Lehman undertook for his firm, in which it simultaneously had to raise capital efficient financing, structure a synthetic collateralised debt obligation (CDO) and raise third-party assets under management.
In the coming year, Ms Watkinson believes that the continued application of CDO technology to synthetic assets will help to drive the market. “Loan-only derivatives will be a huge growth area for Lehman Brothers and the market,” she says. “Such products bring in new investors by allowing us to tap into an asset class that was previously not liquid enough.”