Paragon to avert Moody’s downgrade in all but two deals

Most of Paragon Group’s RMBS and ABS transactions are likely to escape downgrade by Moody’s after the UK borrower changed documentation this week. Paragon Mortgages 14 and Paragon Personal and Auto Finance 3 were not amended, however, leaving them vulnerable to a downgrade.

  • 31 Jan 2013
Paragon needed noteholder consent on a tranche by tranche basis to cut two downgrade risks raised by Moody’s in 2011 from the documentation. It held 68 noteholder meetings at the end of last year, and then another 50 in January, after failing to reach quorum at many of ...

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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

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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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%
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5 Credit Suisse 25,010.27 80 5.33%