Debt forgiveness and eurozone exit pose greatest threats to ABS

Poor economic performance across Europe will continue to have a detrimental effect on underlying assets in securitisation deals, according to panellists at Global ABS, but most transactions are structured soundly enough to protect senior noteholders from macroeconomic strain. The greater threats to collateral performance are posed by unforeseen events, such as national debt forgiveness programmes or a country leaving the euro.

  • 13 Jun 2012
Ganesh Rajendra, head of ABS research at RBS, said on Wednesday that his bank now put the probability of Greece exiting the euro at 90%. The prospect of redenomination of Greek assets, along with devaluation and likely capital controls, is unknown territory for the entire financial market, including ...

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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) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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%