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Moody’s hits CLOs with $100bn global review for downgrade

Moody’s has placed all but the most senior triple-A rated CLO tranches on review for downgrade across the US and EMEA. The action, affecting $100bn of issuance, could show that the impact of Moody’s new CLO rating methodology, announced last month, is more severe than originally thought. Junior triple-As and double-A rated tranches are expected to be downgraded by two to four notches on average while single-A tranches in deals with more than 5% triple-C assets in their portfolio should be downgraded by five to eight notches on average. Euroweek on Friday assesses the impact on the structured credit market.

  • 04 Mar 2009

Tessa Wilkie +44 (0)207 440 6036

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Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 48,659.74 233 9.39%
2 HSBC 43,516.19 296 8.40%
3 JPMorgan 34,507.54 171 6.66%
4 Standard Chartered Bank 29,557.78 211 5.70%
5 Deutsche Bank 25,094.41 98 4.84%

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Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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  • Today
1 Citi 13,465.23 42 17.91%
2 HSBC 8,624.00 21 11.47%
3 JPMorgan 7,888.60 35 10.49%
4 Deutsche Bank 6,487.13 9 8.63%
5 Bank of America Merrill Lynch 4,573.34 21 6.08%

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Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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  • Today
1 Citi 19,041.78 65 11.39%
2 Standard Chartered Bank 15,247.29 65 9.12%
3 JPMorgan 15,111.39 63 9.04%
4 Deutsche Bank 12,722.14 33 7.61%
5 HSBC 12,653.58 57 7.57%

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For detailed analysis: Dealogic
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1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
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4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

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  • Today
1 UniCredit 4,631.80 28 12.96%
2 ING 3,270.62 26 9.15%
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