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) 3,136 9 12.62
2 Citi 2,562 6 10.31
3 Goldman Sachs 2,150 3 8.65
4 Credit Suisse 1,822 6 7.33
5 Societe Generale 1,814 4 7.30

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
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%