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Capital Markets

Structured credit poll 2008: Credit derivatives - Structured credit deep in restructuring mode

Euromoney’s annual structured credit poll reveals that JPMorgan is leading a much reduced pack.

Structured credit poll
2008 2007 Bank Score
1 2 JPMorgan 299
2 1 Goldman Sachs 205
3 4 Deutsche Bank 169
4= 11 Royal Bank of Scotland 138
4= 10 Citi 138
Liquidity provision
2008 2007 Bank Score
1 2 JPMorgan 247
2 1 Goldman Sachs 195
3 4 Deutsche Bank 150
4 10 Barclays Capital 113
5 6 Morgan Stanley 98
Source: Euromoney

If you believe history is written by the victors, the next chapter of the structured credit market chronicle will likely be written by JPMorgan. The US investment bank firmly stamped its name on structured credit at its inception. More than a decade on, JPMorgan has emerged as a leading force in the great structured credit clean-up thanks to its ability to reposition its business quickly.

"For clients with structured credit books, the need for liquidity is stronger than ever before. JPMorgan has a strong balance sheet and a clean book, and has avoided many of the pitfalls that have affected many others," says Guy America, European head of credit trading.

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