Legal experts butt heads on STS application for US issuers

Law firms are struggling to see eye to eye on how to interpret “simple, transparent and standardised” (STS) transparency requirements for US entities issuing in Europe.

  • By Tom Brown
  • 10 Jan 2019

Jurisdictional scope surrounding regulatory technical standards (RTS) has not been clarified, and this is clouding legal judgement over how the rules apply to US entities looking to issue in Europe, according to a source at a major UK firm.

Transparency requirements should not apply directly to a ...

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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%