Euro CLOs Breaching OC Tests On The Rise

An increasing number of collateralized loan obligations in Europe are failing their overcollateralization tests, cutting off fees to managers and putting noteholders in danger of a cut-off in cash flows, according to analysts with Fitch Ratings.

  • 20 May 2009

--Cristina Pittelli

An increasing number of collateralized loan obligations in Europe are failing their overcollateralization tests, cutting off fees to managers and putting noteholders in danger of a cut-off in cash flows, according to analysts with Fitch Ratings. About 40% of the deals in Europe rated by the agency ...

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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 %
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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%