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 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 70,341.11 234 10.46%
2 JPMorgan 64,579.62 197 9.60%
3 Bank of America Merrill Lynch 51,474.08 169 7.65%
4 Wells Fargo Securities 51,322.59 157 7.63%
5 Credit Suisse 47,533.25 150 7.07%