Moody's To Publish LCDS Report

Moody's Investors Service is set to publish a report on loan-only credit default swaps either this week or next week.

  • 28 Jul 2006
Email a colleague
Request a PDF

Moody's Investors Service is set to publish a report on loan-only credit default swaps either this week or next week. It will focus on the template that is out there and how Moody's looks at it and what factors could affect a rating, explained Yuri Yoshizawa, head of collateralized debt obligation ratings.

One example Yoshizawa mentioned was that the current document the market is using allows loans to be delivered in a number of currencies, which could be problematic for some portfolios that can only invest in U.S. dollar-denominated securities. She said there can also be questions about what default probability is used in the ratings analysis, because Moody's differentiates between loans and bonds.

She emphasized that the ratings agency will not have one form-approved set of documents for use in all collateralized loan obligations; rather it will be a case by case basis. Some members of the working group had hoped the ratings agencies would be able to approve one document, so each transaction did not need separate approval (CIN, 7/24). However, one member of the working group said he thinks that if some modifications are made to the form, so that it works just for CLOs, the group may be able to get the ratings agencies on board.

  • 28 Jul 2006

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 %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%