Credit house of the year – BNP Paribas

Credit house of the year

Denis Gardrat

The credit-linked note (CLN) business exploded this year, according to market participants, with sources saying it is now a $30 billion global market. Over the past year, credit structurers at BNP Paribas have leveraged their equity colleagues' private banking franchise to push CLNs to private banking clients. As a result, the bank reckons it has done between 150 and 200 CLN tickets during 2013, giving it an estimated 15% market share. CLNs use embedded credit default swaps (CDSs) to pay hold