Unified ratings: a victory for common sense

With Moody’s announcement of a new system of scores for structured finance deals last week, one dangerous idea has been killed. This was that rating agencies should give securitisations a special set of ratings, distinct from the ordinary triple-A to C scale. That would have defeated the purpose of ratings and it is a triumph for common sense that regulators’ bullying calls to segregate ABS have not prevailed. However, the rating agencies still have a very long way to go to win back the market’s trust.

  • 22 May 2008

Last week, the structured finance market scored a victory over political pressure as Moody’s revealed that it had decided not to create a separate rating scale for structured finance products, as it suggested in a consultation paper in February.

In so doing, Moody’s is taking the same route as ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 417,761.51 1606 9.02%
2 JPMorgan 380,362.89 1737 8.21%
3 Bank of America Merrill Lynch 364,928.71 1322 7.88%
4 Goldman Sachs 269,252.76 932 5.82%
5 Barclays 267,252.43 1082 5.77%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 45,449.36 196 6.56%
2 BNP Paribas 38,734.80 217 5.59%
3 Deutsche Bank 37,615.10 139 5.43%
4 JPMorgan 34,724.19 118 5.01%
5 Bank of America Merrill Lynch 33,835.53 112 4.88%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,475.46 105 8.65%
2 Morgan Stanley 19,057.00 101 7.34%
3 Citi 17,812.08 111 6.86%
4 UBS 17,693.89 71 6.81%
5 Goldman Sachs 17,333.10 99 6.67%