In The Tranches: Investors Reminded Esoteric Deals Have Esoteric Risks

A recent seminar hosted by the American Securitization Forum sang the praises of esoteric asset-backed securities deals.

  • 23 Sep 2011
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A recent seminar hosted by the American Securitization Forum sang the praises of esoteric asset-backed securities deals. But the risks buyers need to quantify can be factors that financial analysts aren’t used to scrutinizing. It can be tough to get a handle on what’s really impacting cashflows when looking at notes backed by collateral as various as franchised Church’s Chicken restaurants, royalties from Guess! apparel or Adams Outdoor billboards. But unique hazards arise when it come to ABS and the Great Outdoors. “For timber deals, you have to factor in whether there are animals on the endangered species list present,” said Moderator Chris DiAngelo, partner at Katten Muchin Rosenman. “Spotted owls can be a risk.”
  • 23 Sep 2011

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 %
  • Last updated
  • Today
1 Citi 118,826.70 342 11.07%
2 Bank of America Merrill Lynch 94,721.79 272 8.82%
3 JPMorgan 92,878.89 270 8.65%
4 Wells Fargo Securities 82,807.12 240 7.71%
5 Credit Suisse 70,475.74 184 6.57%