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
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%