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.”

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  • 13 Jul 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 CITIC Securities 1,560.67 2 10.70%
2 SG Corporate & Investment Banking 1,445.74 4 9.92%
3 Wells Fargo Securities 1,187.61 3 8.15%
4 Rabobank 1,081.86 1 7.42%
5 Bank of America Merrill Lynch 831.08 4 5.70%