Euro CLO docs to weaken in 2019, warns Moody’s

Moody's expects the supply of euro CLOs in 2019 to match 2018 levels, constrained by leveraged loan issuance, with no near term performance worries. However, the rating agency expects that collateral quality and transaction structures will weaken and notes that the European Central Bank’s guidelines to limit excessive leverage have had little impact.

  • By Asad Ali
  • 29 Nov 2018
Although loan defaults — the key driver of CLO performance — are likely to remain low, settling at around 2% at the end of third quarter of 2019, EMEA speculative credit quality has been on a downward slide. Ratings in the B2 to B3 range are currently at ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 129,591.43 378 11.13%
2 Bank of America Merrill Lynch 103,866.05 303 8.92%
3 JPMorgan 102,412.09 297 8.79%
4 Wells Fargo Securities 92,651.83 270 7.96%
5 Credit Suisse 76,251.01 205 6.55%