CDO Delinquencies Slip But May Rise Again

Fitch Ratings reports that delinquency rates for U.S. commercial real estate collateralized debt obligations slipped from 12.2% in June to 12% last month, but analysts do not expect the trend to continue.

  • 13 Aug 2010
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Fitch Ratings reports that delinquency rates for U.S. commercial real estate collateralized debt obligations slipped from 12.2% in June to 12% last month, but analysts do not expect the trend to continue. Stacey McGovern at Fitch, said the decline does not accurately reflect credit risk levels of the assets involved, noting, “The average base case modeled losses for these CDOs is approximately 34%, while total realized losses to date are closer to 5%. McGovern added that the average modeled default rate is significantly greater than the current default rate: 56% compared to 1%."

Click here to read the story from Dow Jones Newswires.

  • 13 Aug 2010

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 69,310.90 231 10.40%
2 JPMorgan 64,579.62 197 9.69%
3 Wells Fargo Securities 51,322.59 157 7.70%
4 Bank of America Merrill Lynch 50,413.91 166 7.56%
5 Credit Suisse 47,114.03 149 7.07%