U.K. Card ABS Reworks Get Thumbs Up

Two recent U.K. credit card restructurings have been welcomed by London-based securitization pros, who say the actions will stabilize the trusts’ ratings and could help spark new issuance in the future.

  • 23 Nov 2010

—Hugh Leask

Two recent U.K. credit card restructurings have been welcomed by London-based securitization pros, who say the actions will stabilize the trusts’ ratings and could help spark new issuance in the future.

Lloyds TSB Bank placed £2.9 billion ($4.6 billion) of new credit card receivables into its Penarth ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%