EW View: The Middle East’s big problem is opacity — not S&P

Standard & Poor’s has got it in the neck for downgrading state-owned companies in the Gulf. This is unfair on the agency. Instead, the onus should be on the region’s governments to make known their intentions about government-related entity debt well in advance.

  • 07 Jul 2009

Last week Standard & Poor’s came under fire when it downgraded three of Dubai’s government-owned companies and cast doubt about the ability of other such entities in the Middle East to repay their debt.

Bankers in the region reacted harshly, saying that regional governments had proved time and again ...

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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) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 12,356.92 41 13.22%
2 Bank of America Merrill Lynch 10,716.42 32 11.47%
3 Barclays 8,716.58 27 9.33%
4 JPMorgan 7,774.38 29 8.32%
5 Wells Fargo Securities 7,444.83 29 7.97%