Reprieve for conduit banks avoids large-scale liquidity draw

A last-ditch reprieve for the asset-backed commercial paper market late last year saved European banks running securitization conduits from a huge drawing on their liquidity reserves — but details of the fix are still being hashed out.

  • By Owen Sanderson
  • 07 Jan 2019

Under the new European Union securitization regulation, which came into effect on January 1, issuing ABCP could have become illegal thanks to stringent disclosure requirements which ABCP conduits could not have complied with for existing transactions.

The pan-European regulatory bodies — the European Banking Authority, European Securities and Markets ...

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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 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 RBC Capital Markets 251.51 1 25.00%
1 MUFG 251.51 1 25.00%
1 Credit Agricole CIB 251.51 1 25.00%
1 Bank of America Merrill Lynch 251.51 1 25.00%
Subtotal 1,006.02 1 100.00%