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 Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%