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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%