Regulation turns Spanish investors off ABS, survey shows

Spanish investors showed a clear preference for covered bonds and other bank debt over securitizations, blaming punitive regulation as the main factor turning them off European structured finance, a survey by Bank of America Merrill Lynch has revealed.

  • By Joseph McDevitt
  • 20 Jan 2014
Around 60% of buy-side respondents are no longer investing in non-Spanish ABS, MBS or CLOs and 40% have stopped buying Spanish ABS, MBS or CLOs. The majority, at 57%, blamed the regulatory environment for their exit from securitization, while another 20% said it had some impact on their ...

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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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.59%
2 Bank of America Merrill Lynch 66,338.04 186 9.46%
3 Wells Fargo Securities 56,344.19 164 8.03%
4 JPMorgan 53,381.65 156 7.61%
5 Credit Suisse 44,872.46 115 6.40%