Third-Party ABS Managers Fall Out Of Favor

  • 08 Feb 2006
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Some credit houses are holding off adding third-party managers to synthetic collateralized debt obligations referencing asset-backed securities because there is not enough juice in the underlying assets to make the play economically viable. "To cover manager fees and risk management costs, it's very difficult to get the numbers to work," said an official at a top-tier bank in London. "We have taken a step back on these deals."

One analyst said returns on AAA-rated ABS assets, including RMBS and CMBS, are hovering around 20 basis points, but he has seen as low as 8 bps. A London-based CDO manager agreed tight returns were halting transactions being issued, adding in synthetic ABS portfolios a lack of diversity may also be turning people away.
  • 08 Feb 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 Jan 2017
1 Citi 35,941.13 111 8.93%
2 Barclays 31,588.47 86 7.85%
3 JPMorgan 27,799.55 107 6.91%
4 Bank of America Merrill Lynch 27,706.86 75 6.88%
5 HSBC 21,949.38 82 5.45%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%