‘Convenience’ Deferrals Rising For TruPS?

Participants in the trust preferreds collateralized debt obligation market are debating the rise of “convenience deferrals,” or the deferment of payments to preference shares by issuing banks.

  • 16 Dec 2009

--Olivia Thetgyi

Participants in the trust preferreds collateralized debt obligation market are debating the rise of “convenience deferrals,” or the deferment of payments to preference shares by issuing banks. While some argue more banks are deferring payments out of choice rather than necessity, others say there is more need ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

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3 Bank of America Merrill Lynch 40,321.46 131 7.53%
4 Wells Fargo Securities 39,996.15 117 7.47%
5 Credit Suisse 37,249.85 118 6.95%