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 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 %
  • Last updated
  • Today
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%