In January 2013, Crédit Agricole CIB was awarded "Best Uridashi House" at the Capital Market Daily awards 2013. This award recognises this new sustainable source of liquidity for the Crédit Agricole group and the franchise that pools together so many expertises from the Fixed Income Markets Division.
An Uridashi is a bullet bond product, generally denominated in a high yielding currency such as AUD or ZAR hence offering a high coupon, which is distributed in Japan via security houses.
Crédit Agricole CIB set up the Uridashi platform 18 months ago as a joint venture between the MTNs (Medium Term Notes) & Private Placements Group and Rates Credit and Cross-Asset Derivatives Asia with an aim to leverage the Bank’s existing access to the uridashi issuer community and its swap and trading capabilities.
"Teaming up and aligning our franchise to provide a perfect execution service, serving the need of the Japanese security houses was at the heart of our alliance. In 2012, we printed Uridashi trades for the likes of Kommunalbanken Norway, International Finance CorporationThe International Finance Corporation (IFC) is a member of the World Bank Group.
IFC provides investments and advisory services to build the private sector in developing countries.
Source: ifc.org, Municipality Finance and the African Development Bank. We are especially proud of the latest trades done for the African Development Bank, the proceeds of which will finance educational projects in Africa." commented Benjamin Lamberg, Head of Global Debt Markets for Asia and Lilian Darbon, Head of Rates Credit and Cross-Asset Derivatives for Asia.