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
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--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) 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
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%