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 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 129,591.43 378 11.20%
2 Bank of America Merrill Lynch 103,557.15 301 8.95%
3 JPMorgan 101,741.96 296 8.79%
4 Wells Fargo Securities 91,373.90 263 7.90%
5 Credit Suisse 76,186.18 204 6.58%