RBS breaches swap counterparty triggers following Moody’s downgrade

Moody’s downgrade of Royal Bank Scotland’s short-term rating from P-1 to P-2 means that, in its role as a swap counterparty, it has breached ratings triggers on a clutch of ABS deals. It will now need to post collateral, find a guarantor or transfer swap arrangements to a replacement.

  • 22 Jun 2012

The downgrades, which were part of ratings cuts on 15 global banks, also hit RBS’s long-term rating, which went from A3 to Baa1. Documentation for many ABS transactions, including RBS’s Arran RMBS programme, sets the trigger at any rating below P-1.

RBS estimates it may need to post ...

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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

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
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%
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5 Credit Suisse 25,010.27 80 5.33%