Moody’s Places Euro CDOs On Review For Downgrade

Moody’s Investors Service placed 40 tranches in six European collateralized debt obligation worth €1.33 billion ($1.94 billion) on review for downgrade as the underlying portfolios experienced credit deterioration.

  • 13 Nov 2007
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-- Leo Shvartsman

Moody’s Investors Service placed 40 tranches in six European collateralized debt obligation worth €1.33 billion ($1.94 billion) on review for downgrade as the underlying portfolios experienced credit deterioration. “The most negatively impacted are those containing U.S. ABS CDOs and 2006 U.S. subprime RMBS assets that were originally rated Baa or below, due to the greater severity of downgrades already experienced by these securities,” Moody’s analysts said. Moody’s officials did not immediately return phone calls.

Baker Street Finance Limited, Baker Street USD Finance Limited, Clifton Street Finance Limited, Hanover Street Finance Limited, Pembridge Square Finance Limited, Regent Street Finance Limited all saw multiple tranches of their notes downgraded. Moody’s downgraded 120 CDOs worth about $28 billion about two weeks ago.

  • 13 Nov 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 %
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  • Today
1 Citi 81,747.75 235 12.94%
2 Bank of America Merrill Lynch 70,673.72 216 11.18%
3 Wells Fargo Securities 62,362.66 195 9.87%
4 JPMorgan 45,920.23 145 7.27%
5 Credit Suisse 36,830.60 112 5.83%