Fitch Downgrades European Bank Hybrids

Fitch Ratings has downgraded the hybrid securities of European banks, including Lloyds Banking Group, Royal Bank of Scotland and ING Group, among others.

  • 21 Aug 2009
Fitch Ratings has downgraded the hybrid securities of European banks, including Lloyds Banking Group, Royal Bank of Scotland and ING Group, among others. According to Fitch, the downgrades reflect heightened risk from deferred interest payments following the European Commission’s clarification on bank hybrid capital and how it applies ...

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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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%