Refis May Hurt CMOs

U.S. banks that stocked up on collateralized mortgage obligations may record significant losses as a result of a wave of residential mortgage refinancing activity spurred by sharply lower interest rates.

  • 12 Jun 2012

U.S. banks that stocked up on collateralized mortgage obligations may record significant losses as a result of a wave of residential mortgage refinancing activity spurred by sharply lower interest rates. The trend could force banks to repay CMOs much sooner than they expected and hurt their future earnings.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 20,913.87 69 10.85%
2 JPMorgan 19,191.71 52 9.96%
3 Bank of America Merrill Lynch 18,245.19 58 9.47%
4 Wells Fargo Securities 16,837.21 50 8.74%
5 Barclays 13,965.64 46 7.25%