Fitch warns of double default risks as A&Es come home to roost

A series of second defaults could hit European leveraged loan borrowers, Fitch warned this week. And this time around, the losses could be heavier, the agency warned, particularly for those situations where loan investors achieved high recovery rates in the first round.

  • 07 Dec 2012

In an opinion published on Monday, the credit rating agency singled out 2010 as a year when recoveries on defaults did not "reflect accurately the true value of the defaulted and restructured debts for many low-rated European leveraged borrowers".

In addition, Fitch said that European restructurings in 2009 and ...

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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%