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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,084 31 17.18
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 128,786.28 373 11.20%
2 Bank of America Merrill Lynch 102,784.89 298 8.94%
3 JPMorgan 100,935.67 292 8.78%
4 Wells Fargo Securities 91,306.23 262 7.94%
5 Credit Suisse 75,962.58 202 6.61%