A decade after BNP Paribas fund freeze, liquidity still haunts ABS

BNP Paribas froze three hedge funds that had invested in subprime mortgages on August 9, 2007. Widely regarded as one of the opening events of the global financial crisis, it stands as a grim reminder and a warning to the market of what can happen when liquidity collapses.

  • By Sam Kerr
  • 09 Aug 2017

Recalling the early days of the crisis, a bank analyst said that people often fail to realise that ABS actually performed better than the narrative of that time suggests. He added that realised losses in the sector were minimal, especially on the most senior tranches. 

But he noted ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%