Study finds auto ABS liquidity is on par with German covereds

A study commissioned by the European securitization industry has found that non-mortgage backed ABS, such as auto loan securitizations, have better liquidity than covered bonds when liquidity is measured mainly by bid-ask spreads rather than trading turnover.

  • By Joseph McDevitt
  • 14 Feb 2014
The study has drawn very different conclusions from the European Banking Authority’s study of liquidity, which formed the basis for recommending that only certain, high quality RMBS be allowed in Level 2b of bank liquidity coverage ratios (LCR). It found that ABS liquidity was worse than sovereign, corporate ...

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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 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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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%