Bella Italia: ABS market debates Italy’s merits

The record tight pricing of Agos Ducato’s Sunrise consumer ABS transaction this week showed that European investors are hot for Italian debt despite the country's political and economic turmoil. But sources speaking to GlobalCapital said that their foray into Italy is just the latest example of European buyers' desperate hunt for yield.

  • By Sam Kerr
  • 12 Oct 2017

The distribution statistics for the deal show that German investors made up over half of the buyer base, at 58.9%, and the notes were two times covered at pricing. The offering was backed mostly by Italian consumer loans.   

German investors buying Italian consumer paper at a negative yield ...

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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
  • Today
1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%