CMBS Breaches Raise Specter Of New Investor Conflicts (update)

Growing numbers of European commercial mortgage-backed securitizations facing loan-to-value covenant breaches are raising the concern of conflict between different classes of investors.

  • 12 Sep 2008
--Alex Sebastian

Growing numbers of European commercial mortgage-backed securitizations facing loan-to-value covenant breaches are raising the concern of conflict between different classes of investors. Not curing the breaches will often lead to an event of default and could mean the deal’s waterfall of payments becomes completely sequential, putting the ...

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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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%