iBoxx Notes - Credit Liquidity on Tap
London, 16 January 2004
Bear Stearns and UBS Investment Bank join iBoxx CDS Group in Europe
Bear Stearns and UBS Investment Bank have today joined the iBoxx CDS Group, further strengthening its
position as the leading provider of credit default swap (CDS) indices.
These additions extend the number of participating banks in the European platform to 11, with the global iBoxx
platform boasting a total of 18 market makers.
The European iBoxx CDS Group already includes ABN AMRO, Barclays Capital, BBVA, Citigroup, Deutsche
Bank, Dresdner Kleinwort Wasserstein, HSBC, Merrill Lynch and SG Corporate & Investment Banking.
Formed in February last year, the iBoxx CDS Group acts as a market maker for the iBoxx family of CDS indices,
which currently comprise:
• iBoxx 100, based on the top 100 names in the iBoxx EUR Corporate Overall Index, weighted by duration-
adjusted market capitalisation
• iBoxx Corporate, a similar product comprising only non-financial issuers within iBoxx 100
• iBoxx Diversified, based on 100 equally referenced entities within Moody’ industry sectors
• TriBoxx, a series of liquid and tradeable CDO tranches based on the European iBoxx Diversified index
• iBoxx Crossover, comprises 25 of the most liquid European crossover credits in the CDS market
Mark Timmis, Managing Director & European Head of Flow Credit Derivatives Trading at Bear Stearns, said:
"We are delighted to be joining the iBoxx community. We pride ourselves on providing a full service in credit
derivatives to our clients globally and full coverage of index products is a key element of this strategy.”
Grant Lovett, Co-Head of European Credit Derivatives at UBS Investment Bank, said:
"UBS is pleased to add iBoxx European indices to the list of indices that we trade globally."
Peter Tchir, Global Head of Index Trading at UBS Investment Bank, said:
"We are committed to the growth and development of index trading as an integral part of credit derivatives
David Mark, CEO of iBoxx, said:
“Recent events graphically illustrate once again the power of an independent, neutral and open index platform.
The addition of Bear Stearns and UBS further reinforces iBoxx’ dominant position as the premier index trading
- ends -
Notes to Editors overleaf…
ABN AMRO Alex Evans +44 20 7678 5111
Barclays Capital Michele Cook +44 20 7773 3425
BBVA Alberte G Patiño +34 91 374 6349
Bear Stearns Guy Cross +44 20 7516 6537
Citigroup Jeremy Hughes +44 20 7986 5607
Deutsche Bank Stephanie Smart +44 20 7545 2908
Dresdner Kleinwort Wasserstein Rowan Staines +44 20 7475 5828
HSBC Pierre Goad +44 20 7991 1615
Merrill Lynch Nicola Hobday +44 20 7251 3801
SG Corporate & Investment Banking Maria Brookes +33 1 42 13 6899
UBS Investment Bank Sarah Small +44 20 7568 2609
Notes to Editors:
iBoxx Limited is a joint venture of ABN AMRO, Barclays Capital, BNP Paribas, Deutsche Bank, Deutsche Börse, Dresdner Kleinwort
Wasserstein, Morgan Stanley and UBS Investment Bank. iBoxx was established to create and publish a new generation of fixed income
prices and indices, based on selected multiple contributor pricing, transparency, third party quality control and accessibility. The company is
one of Europe's leading providers of fixed income indices with a wide range of over Euro and Sterling investment grade indices that is
increasingly being adopted as standard by investors.
About iBoxx CDS Group
Formed in February, the iBoxx credit-linked note group acts as a market maker for the iBoxx family of credit linked notes, based on credits
derived from iBoxx credit indices: iBoxx 100, based on the top 100 names in the iBoxx EUR Corporate Overall Index, weighted by duration-
adjusted market capitalisation; iBoxx Corporate, a similar product comprising only the non-financial issuers within the iBoxx 100; iBoxx
Diversified, based on 100 equally referenced entities within Moody’ industry sectors; TriBoxx, a series of liquid and tradeable CDO tranches
based on the European iBoxx Diversified index; and iBoxx Crossover, comprising 25 of the most liquid European crossover credits in the
CDS market.The credit-linked note group includes ABN AMRO, Barclays Capital, BBVA, Bear Stearns, Citigroup, Deutsche Bank, Dresdner
Kleinwort Wasserstein, HSBC, Merrill Lynch, SG Corporate & Investment Banking and UBS Investment Bank.
About ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total assets of EUR 601 bln (as of 30 September 2003). It has over 3,000
branches in more than 60 countries and territories, and has a staff of over 100,000 full-time equivalents worldwide. ABN AMRO is listed on
the Euronext, London and New York stock exchanges.
ABN AMRO's Wholesale Clients Strategic Business Unit provides integrated corporate and investment banking solutions to over 10,000
corporate, institutional and public sector clients in about 50 countries. Its client-led approach is sector based and structured around four
product groups: Financial Markets, which includes fixed income, syndicated loans, treasury, structured and project finance and risk
management; Working Capital, which offers liquidity management, global payments and receivables and trade finance; Corporate Finance &
Equities, providing corporate advisory as well as equity capital markets expertise and secondary market services; and Private Equity. With a
global network, specialists in all major industry sectors and a broad range of products, ABN AMRO provides local and global expertise for
complex cross-border deals.
About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC, one of the largest multi-national financial services groups in the
world. With a focus on financing, and risk management, Barclays Capital acts internationally as an intermediary and adviser to corporates,
financial institutions, governments and supranational organisations. The firm continues to show success with the debt-focused model and
has a fully integrated approach to the interest rate market with all institutional distribution of foreign exchange, government, flow, derivative
and non-credit driven product part of the same team. Barclays Capital, which has the support of an AA rated parent bank with a balance
sheet of over £440 billion, has offices in 21 countries and around 5,300 people worldwide, giving it the reach and distribution power to meet
clients' needs wherever they are based.
BBVA is a leading international banking group with a strong presence in Spain, Latin America and Southern Europe. With approx EUR 300b
in assets, BBVA operates in 35 countries, employs nearly 86,000 staffers and serves 37 million customers. Its network of almost 7,000
branches makes it the bank with the highest number of branches under the same brand worldwide. Wholesale and Investment Banking
(WIB) is a strategic division for BBVA. It includes, among other business divisons, Global Corporate Banking, Institutional Banking and
Global Markets & Sales. Wholesale and Investment Banking operates through a well defined business model, with a comprehensive
customer vision and offer of financial products and services. The client coverage model leads to solid results that provides stability to the
About Bear Stearns
Bear, Stearns International Limited (BSIL) is a wholly owned subsidiary of The Bear Stearns Companies Inc. BSIL currently employs more
than 800 staff in London who serve corporations, institutions, partnerships and governmental entities in the United Kingdom, Europe and the
Middle East. BSIL's capabilities include investment banking, institutional equities and fixed income sales, trading and research, derivatives,
financial futures, foreign exchange, global clearing and private client services.
Citigroup's global corporate and investment bank provides complete financial solutions to corporations, governments and institutional
investors in more than 100 countries. Award-winning businesses include corporate and investment banking, sales and trading, transactions
services, commercial finance and insurance products. Additional information can be found at:
About Deutsche Bank
With roughly € 864 billion in assets and approximately 68,500 employees, Deutsche Bank offers its 13 million clients unparalleled financial
services in 76 countries throughout the world. Deutsche Bank competes to be the leading global provider of financial solutions for demanding
clients creating exceptional value for its shareholders and people.
Deutsche Bank ranks among the global leaders in corporate banking and securities, transaction banking, asset management, and private
wealth management, and has a significant private & business banking franchise in Germany and other selected countries in Continental
About Dresdner Kleinwort Wasserstein
Dresdner Kleinwort Wasserstein (DrKW) is the marketing name for the investment bank within the Corporates and Markets Division of
Dresdner Bank AG, a member of the Allianz Group since July 2001. Headquartered in London, Frankfurt and New York and with an
international network of offices, DrKW provides a wide range of investment bank products and services to European and international clients
through its Capital Markets and Corporate Finance & Advisory business lines.
The HSBC Group is one of the largest banking and financial services organisations in the world. The Group has over 9,500 offices in 79
countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa, serves almost 100 million customers
and had assets of US$983 billion at 30 June 2003. HSBC’ Corporate, Investment Banking and Markets division offers a comprehensive
range of corporate and institutional banking products and services, including: foreign exchange, fixed income and derivatives; M&A advisory;
debt advisory; credit; debt capital markets; and equity capital markets.
About Merrill Lynch
Merrill Lynch is one of the world's leading financial management and advisory companies, with offices in 36 countries and total client assets
of approximately $1.4 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to
corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the
world's largest managers of financial assets, with assets under management of $473 billion. For more information on Merrill Lynch, please
About SG Corporate & Investment Banking
SG CIB is the Corporate and Investment Banking arm of the Société Générale Group. Present in over 45 countries across Europe, the
Americas and Asia, SG CIB is a bank of reference in:
Ø Euro Capital Markets: A top ten player in debt and equity segments (bonds, securitisations, syndicated loans, equity-linked and equity
Ø Derivatives: Among the world leaders in equity derivatives and in many interest rate, credit, foreign exchange and commodities
Ø Structured Finance: A worldwide leader in export, project and structured commodity finance.
Combining innovation and quality of execution, SG CIB provides corporates, financial institutions and investors with value-added integrated
About UBS Investment Bank
UBS [Investment Bank] is a leading global securities and investment banking firm, providing a full spectrum of products to institutional and
corporate clients, intermediaries, governments and hedge funds worldwide. UBS [Investment Bank] is a business group of UBS AG, which is
listed on the New York, Tokyo and Swiss stock exchanges.
Find out more about us at www.ubs.com/investmentbank