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 ...

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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) 3,865 12 12.28
2 Citi 2,800 7 8.90
3 Goldman Sachs 2,615 4 8.31
4 Credit Agricole 2,254 6 7.16
5 Barclays 2,006 6 6.38

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Jun 2017
1 Citi 46,714.29 133 12.73%
2 Bank of America Merrill Lynch 43,017.27 121 11.73%
3 Wells Fargo Securities 36,865.83 105 10.05%
4 JPMorgan 25,897.27 79 7.06%
5 Credit Suisse 19,055.29 50 5.19%