S&P highlights low default rates in Europe

Just 0.39% of European structured finance notes have defaulted since the start of the crisis, according to new analysis by Standard & Poor’s. Downgrades affected 12.9% of tranches by volume, compared with over 40% of US structured finance.

  • 12 Mar 2010

S&Ps report, published on Thursday, looked at rating transition and default rates from mid 2007 to the end of 2009, based on issuance volume. A similar study published by Fitch in February looked at transitions and defaults by tranche number.

As in Fitch’s report, S&P found defaults and downgrades ...

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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 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 117,398.62 338 11.04%
2 Bank of America Merrill Lynch 94,721.79 272 8.91%
3 JPMorgan 92,612.23 269 8.71%
4 Wells Fargo Securities 82,597.19 239 7.77%
5 Credit Suisse 69,442.99 183 6.53%