Moody’s gets tough on amending rating triggers in ABS documentation

The amendment of securitisation transaction documents to get around swap or other counterparty triggers is credit negative, according to a new report from rating agency Moody’s.

  • 09 Aug 2012

The spate of counterparty downgrades has led to trigger breaches for swap providers, account providers and back-up servicers. As of July 31, Moody’s estimates that 235 ABS and 420 RMBS transactions have breached rating triggers of some sort.

The counterparties can either be replaced, stump up extra collateral ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access:

Corporate access

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

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%