BAML CMBS rekindles old payment debate

The year’s first European new issue CMBS, Bank of America Merrill Lynch’s Taurus 2013, has reignited discussions about how banks originating and securitising deals should pay themselves.

  • 03 May 2013

Some bankers were frustrated by the inclusion of a detachable coupon in Taurus, claiming junior noteholders could suffer if there were shortfalls. But other CMBS specialists recognised that loan originators needed an incentive to bring deals to market.

Taurus 2013 CMBS securitises a loan originated in February for ...

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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 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 94,444.52 266 11.16%
2 Bank of America Merrill Lynch 79,057.17 220 9.35%
3 Wells Fargo Securities 69,655.75 196 8.23%
4 JPMorgan 69,110.65 196 8.17%
5 Credit Suisse 56,930.26 144 6.73%