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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%