Unified ratings: a victory for common sense

With Moody’s announcement of a new system of scores for structured finance deals last week, one dangerous idea has been killed. This was that rating agencies should give securitisations a special set of ratings, distinct from the ordinary triple-A to C scale. That would have defeated the purpose of ratings and it is a triumph for common sense that regulators’ bullying calls to segregate ABS have not prevailed. However, the rating agencies still have a very long way to go to win back the market’s trust.

  • 22 May 2008

Last week, the structured finance market scored a victory over political pressure as Moody’s revealed that it had decided not to create a separate rating scale for structured finance products, as it suggested in a consultation paper in February.

In so doing, Moody’s is taking the same route as ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%