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 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 %
  • Last updated
  • Today
1 Citi 80,818.31 235 11.64%
2 Bank of America Merrill Lynch 65,088.22 185 9.37%
3 Wells Fargo Securities 56,145.09 163 8.08%
4 JPMorgan 53,381.65 156 7.69%
5 Credit Suisse 44,872.46 115 6.46%