Moody's expects fewer fallen angels as sovereigns, markets recover

Moody’s expects fewer companies to become ‘fallen angels’ in 2013 and 2014 than last year, as financial markets improved in the first nine months of 2013 and global economic prospects have begun to pick up.

  • By Stefanie Linhardt
  • 30 Oct 2013

The euro area economy managed to grow its GDP in the second quarter, thanks to growth in France and Germany and more modest declines in Italian and Spanish GDP. Spain has since pulled itself out of recession, while Italy is expected to do so in the fourth quarter.

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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
  • Today
1 Citi 82,406.77 239 12.85%
2 Bank of America Merrill Lynch 71,317.58 219 11.12%
3 Wells Fargo Securities 62,984.09 198 9.82%
4 JPMorgan 45,920.23 145 7.16%
5 Credit Suisse 37,235.50 114 5.81%