Moody's Plans Servicer Ratings

Moody's Investors Service has started an asset-backed servicer ratings group and is planning to release its first rating, on a credit card issuer, later this month, according to Jay Eisbruck, a managing director in term ABS ratings.

  • 06 Feb 2004
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Jay Eisbruck
Moody's Investors Service has started an asset-backed servicer ratings group and is planning to release its first rating, on a credit card issuer, later this month, according to Jay Eisbruck, a managing director in term ABS ratings. He declined to name the issuer. He says the rating agency is starting the group now to address investor concerns about seller-servicer issues, noting that servicing is important in underlying assets such as credit cards because these transactions are sold out of revolving master trust structures. Moody's plans to extend the servicer ratings to student loan issuers as well and will rate issuers on a scale of one to five, with one being the highest. Linda Stesney, also a managing director, is heading up the process and the servicer rating group will also work with the asset specialists, such as for credit cards and student loans.

Standard & Poor's also provides servicer ratings as part of a separate group; MBNA Corp. last year obtained a "strong" S&P rating (BW, 10/6) as part of its efforts to provide greater transparency for investors (BW, 2/2).

  • 06 Feb 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 318,645.99 1207 8.88%
2 JPMorgan 291,870.93 1330 8.14%
3 Bank of America Merrill Lynch 285,392.08 993 7.95%
4 Goldman Sachs 218,480.36 718 6.09%
5 Barclays 210,235.01 814 5.86%

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1 HSBC 33,092.37 151 6.77%
2 Deutsche Bank 33,007.84 106 6.75%
3 Bank of America Merrill Lynch 29,018.73 86 5.94%
4 BNP Paribas 25,718.39 146 5.26%
5 Credit Agricole CIB 22,722.30 133 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 18,707.17 72 9.33%
2 Morgan Stanley 15,215.44 76 7.59%
3 UBS 14,195.29 55 7.08%
4 Citi 14,014.57 86 6.99%
5 Goldman Sachs 12,113.98 67 6.04%