S&P Admits Nearly $5 Bln Fumble In Subprime Review

  • 13 Jul 2007
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Standard and Poor’s has downsized its original estimate of residential mortgage-backed securities placed under review to $7.35 billion from $12.1 billion, reports Reuters. “This is obviously sloppy by S&P,” said Mirko Mikelic, a fund manager at Fifth Third Asset Management. “I don’t think anyone’s doing back flips.” Mikelic added the market has been very sensitive to subprime news.

S&P’s original announcement drove investors to government bonds as a benchmark subprime index fell to an all-time low. “It was an error and we corrected it,” said Adam Tempkin, S&P spokesman. “It was human error. It is what it is.”

Click here to read the story from Reuters

  • 13 Jul 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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%