First STS deal prices after PCS granted authorisation

Prime Collateralised Securities (PCS) announced on Tuesday that it has officially been granted authorisation by the UK Financial Conduct Authority (FCA) to verify securitizations for the ‘simple, transparent, and standardised’ (STS) framework, days before the first STS deal went live.

  • By Tom Brown
  • 22 Mar 2019

PCS updated its website, stating: “PCS very much looks forward to serving the European securitisation market and all its stakeholders as a third party verification agent on the same not-for-profit basis that has been its hallmark since its inception."

A Q&A followed the announcement, where PCS said ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,347 16 15.75
2 BNP Paribas 3,680 14 13.33
3 Morgan Stanley 2,420 6 8.77
4 Goldman Sachs 2,276 6 8.25
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.56

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 58,985.44 193 10.63%
2 JPMorgan 51,597.56 153 9.29%
3 Wells Fargo Securities 41,996.86 122 7.56%
4 Bank of America Merrill Lynch 41,491.72 136 7.47%
5 Credit Suisse 38,293.55 120 6.90%