M&G eyes capital relief trades for high yielding opportunities

The era of senior tranche ABS trading with a pick-up over unsecured bank or corporate paper could come to an end in the next year or so, according to M&G Investments. With fewer chances to profit from wide ABS spreads, M&G’s portfolio managers are turning their attention to capital relief trades, which they expect will feature more prominently in Europe over the next two years.

  • By Joseph McDevitt
  • 08 Nov 2013
ABS investors that survived the financial crisis and stayed in the market after 2008 were handsomely rewarded for their loyalty. Investors could afford to be relatively conservative with their risk profiles, buy senior tranches of deals and still enjoy a generous pick-up over other asset classes, such as ...

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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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%