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 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 30,859.27 98 11.48%
2 JPMorgan 25,558.51 72 9.51%
3 Wells Fargo Securities 24,627.51 67 9.16%
4 Bank of America Merrill Lynch 23,023.30 73 8.56%
5 Barclays 16,546.45 55 6.16%