Spreads rally to bring Italian deals into play

Peripheral ABS spreads have rallied enough since August for top tier banks to give a public deal serious consideration, traders say. But another large retained Italian deal on Wednesday showed that banks will not be easily weaned off central bank repos.

  • 12 Oct 2012

"There is a lot of demand for peripheral ABS bonds coming from real money accounts," said an ABS trader. "Unfortunately it’s quite hard to source bonds, especially the front pay part of top tier names."

Core European ABS is still well bid. But buy and hold investors have turned ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 129,591.43 378 11.13%
2 Bank of America Merrill Lynch 103,866.05 303 8.92%
3 JPMorgan 102,412.09 297 8.79%
4 Wells Fargo Securities 92,651.83 270 7.96%
5 Credit Suisse 76,251.01 205 6.55%