EBA: No Synthetic Swerve On 122a Rules

European banks investing in securitizations will not be able to dodge investor due diligence requirements under the Capital Requirements Directive’s Article 122a by using synthetic hedging—such as credit default swaps—to shift exposures onto an unaffiliated non-regulated entity, the European Banking Authority has said.

  • 04 Oct 2011

European banks investing in securitizations will not be able to dodge investor due diligence requirements under the Capital Requirements Directive’s Article 122a by using synthetic hedging—such as credit default swaps—to shift exposures onto an unaffiliated non-regulated entity, the European Banking Authority has said.

The clarification is one of several ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 40,734.72 129 11.08%
2 JPMorgan 33,238.00 94 9.04%
3 Wells Fargo Securities 31,218.81 89 8.49%
4 Bank of America Merrill Lynch 28,936.60 91 7.87%
5 Credit Suisse 23,189.41 72 6.31%