A decade after BNP Paribas fund freeze, liquidity still haunts ABS

BNP Paribas froze three hedge funds that had invested in subprime mortgages on August 9, 2007. Widely regarded as one of the opening events of the global financial crisis, it stands as a grim reminder and a warning to the market of what can happen when liquidity collapses.

  • By Sam Kerr
  • 09 Aug 2017

Recalling the early days of the crisis, a bank analyst said that people often fail to realise that ABS actually performed better than the narrative of that time suggests. He added that realised losses in the sector were minimal, especially on the most senior tranches. 

But he noted ...

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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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 119,693.92 344 12.91%
2 Bank of America Merrill Lynch 99,935.46 287 10.78%
3 Wells Fargo Securities 88,155.55 263 9.51%
4 JPMorgan 69,113.88 208 7.46%
5 Credit Suisse 51,260.05 154 5.53%