Fitch Downgrades More Than $35 Bln Of SF, TruPS CDOs

Derivative Fitch last week downgraded $30 billion structured finance collateralized debt obligations and placed on watch for downgrade $5.4 billion of CDOs backed by trust preferred securities issued by real estate investment trusts.

  • 26 Nov 2007
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--Aaron Johnson

Derivative Fitch last week downgraded $30 billion structured finance collateralized debt obligations and placed on watch for downgrade $5.4 billion of CDOs backed by trust preferred securities issued by real estate investment trusts. The structured finance CDO downgrades complete a review of all Fitch-rated CDOs, which resulted in a total of $67 billion of CDO tranches being downgraded.

Merrill Lynch underwrote roughly $12 billion of the 74 structured finance CDOs downgraded, followed by UBS and Credit Suisse with $5 billion and $3 billion each, respectively. The TruPS CDOs include deals from the Attentus, Kodiak and Taberna series, which have already been downgraded by Standard & Poor’s (TS, 9/19).

Fitch officials were not immediately available and a Merrill spokeswoman declined comment. Credit Suisse and UBS spokesmen did not return calls.

  • 26 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) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%