Levfin market given hope as Moody’s says defaults to drop sharply from start of 2010

Moody’s gave the leveraged finance market some hope on Wednesday by saying that global default rates would drop sharply after peaking in the fourth quarter.

  • 09 Oct 2009

The rating agency predicts that the global speculative grade default rate will rise to 12.5% in the fourth quarter, dropping back to 4.5% by next September.

The estimates are a sharp downward revision from earlier predictions. In April, Moody’s said that European non-investment grade default rates would reach ...

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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%