ECB to wait before wielding ABS repo axe

The European Central Bank has given ABS issuers longer than expected to provide loan-level data to the European DataWarehouse, due to come into effect in December, before losing repo eligibility. But the added costs involved will still be onerous for many borrowers, who may turn to covered bonds instead, analysts warned on Monday.

  • 09 Jul 2012

While the timetable for submitting data changed little, the ECB said on Friday that it would not start enforcing the rules until later — securities will be eligible for repo until the end of March 2014.

Borrowers must start submitting RMBS data from December 1, CMBS and SME-backed ...

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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 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 104,427.74 298 10.96%
2 Bank of America Merrill Lynch 86,347.40 249 9.06%
3 JPMorgan 80,990.39 237 8.50%
4 Wells Fargo Securities 77,934.65 225 8.18%
5 Credit Suisse 63,570.21 165 6.67%