Peripheral SF deals up for ratings chop after S&P criteria change

Standard & Poor’s is looking to change its methodology when rating structured finance deals higher than the respective sovereign, in a move that if implemented as planned could see more than half of Spanish, Italian and Portuguese securitizations downgraded by two notches.

  • By Joseph McDevitt
  • 15 Oct 2013

The rating agency has until now allowed a maximum six notch uplift above the sovereign for structured finance transactions. It is now changing its criteria for European Economic and Monetary Union (EMU) countries.

“We now believe certain sectors’ sensitivity to country risk is higher than we previously ...

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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 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 58,403.50 191 10.75%
2 JPMorgan 50,900.93 151 9.37%
3 Bank of America Merrill Lynch 41,109.55 134 7.57%
4 Wells Fargo Securities 40,627.46 119 7.48%
5 Credit Suisse 38,293.05 120 7.05%