Sowood Sells Securities To Meet Margin Calls

  • 30 Jul 2007
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Sowood Capital Management sold securities to meet margin calls following losses on corporate bonds, reports The New York Times. The management firm said its bonds fell in value after investors lowered its exposure to subprime mortgages and bonds used to fund leveraged buyouts. “With the tightening market conditions, we thought it was prudent to increase liquidity, so we took off positions from the book,” Megan Kelleher, general counsel and managing partner, said Friday. “We continue to meet margin requirements.”

Sowood was started by Jeff Larson, former manager of Harvard University’s endowment. The firm has $3 billion under management.

Click here to read the story from The New York Times

  • 30 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) 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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1 Citi 74,266.46 209 13.33%
2 Bank of America Merrill Lynch 64,298.92 202 11.54%
3 Wells Fargo Securities 55,583.74 178 9.98%
4 JPMorgan 40,447.01 140 7.26%
5 Credit Suisse 30,239.23 97 5.43%