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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 98,544.62 277 13.26%
2 Bank of America Merrill Lynch 90,698.73 264 12.20%
3 Wells Fargo Securities 70,282.48 216 9.45%
4 JPMorgan 51,967.93 167 6.99%
5 Credit Suisse 41,545.25 126 5.59%