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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%