Hybrid Deals Downgraded On EOD

Standard & Poor’s has placed on watch for downgrade two hybrid collateralized debt obligations arranged by Citigroup and UBS after events of default were triggered a week ago.

  • 10 Dec 2007
Email a colleague
Request a PDF

--Aaron Johnson

Standard & Poor’s has placed on watch for downgrade two hybrid collateralized debt obligations arranged by Citigroup and UBS after events of default were triggered a week ago. Moody’s Investors Service took negative actions on both deals last month, placing UBS’s Rockbound CDO I on negative watch after downgrading and keeping on watch Citigroup’s Octans CDO III.

The $280 million Rockbound CDO I, which closed in July, is managed by Brigadier Capital Management, a unit of Cohen & Co. thatis still in the fund-raising stage, according to spokesman Joe Kuo. He declined further comment. Only the junior AAA tranche of the CDO is on watch.

Four classes of the $511.4 million Octans III, including two of the most senior tranches, are on watch at S&P. All six rated classes of the Harding Advisory-managed Octans III have been downgraded in the past, with the tranches initially rated AAA, AA and A currently rated A+, BBB+ and BB. All three deals in the Octans series have been on watch at Moody’s since September.

Officials at Harding, Citigrou and UBS did not immediately return phone calls.

  • 10 Dec 2007

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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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%