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) 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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%