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New CRR retention rules “cast shadow” over European CLO market, say Deutsche Bank

The latest draft of the European Banking Association’s technical implementation of 5% risk retention rules could deal a serious blow to the European CLO market because it specifically cites investment firms as needing to keep “skin-in-the-game”, according to Deutsche Bank ABS analysts.

  • 24 May 2013
CLO managers have been structuring deals until now according to article 122a of the Capital Requirements Directive II. There was a consensus among structured finance lawyers acting on new deals that article 122a provided enough leeway for CLO managers to get around the 5% retention rules by, in ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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1 Citi 9,235.10 31 12.19%
2 Barclays 7,853.42 22 10.36%
3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%