Wachovia Subsidiary Preps Real Estate CDO

  • 26 Jan 2003
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Structured Credit Partners (SCP), a wholly owned subsidiary of Wachovia Securities, is ramping up a $500 million real estate collateralized debt obligation for pricing in the middle of next month, says a CDO market participant. Wachovia will be the underwriter for the deal. Mark Adamson, CDO syndicate head at Wachovia in Charlotte, declined to comment. Price talk was not available at press time last Thursday. The notes will be backed by a diversified pool of collateral--60% of which will be REITs and 40% commercial mortgage-backed securities. Called Crest 2003-1, this is the eighth "Crest" deal issued since the program began in 2000. Crest stands for "Commercial Real Estate Structured Transaction."

Because the deal is backed by a static pool of assets and not actively managed, SCP acts as collateral administrator or servicer, rather than a collateral manager. One of the implications is that the deal will be fully ramped-up at closing. After closing, SCP will only be able to sell, not buy assets.

  • 26 Jan 2003

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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%