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Loan CDS recovery rates hit new low with Ferretti

First lien LCDS contracts on Ferretti, the Italian luxury yacht maker, settled at 10.875% in the auction today to determine their recovery value, leaving protection sellers having to pay 89.125% of the notional amount.

  • 26 Feb 2009
The Ferretti auction is the third to be held on a LevX index constituent since its inception and Ferretti’s recovery rate is the lowest seen so far for first lien debt. Sanitec, the Finnish maker of bathroom products, scored a recovery rate of 33.5% for the first lien ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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1 Citi 91,105.19 257 10.97%
2 Bank of America Merrill Lynch 78,286.59 217 9.43%
3 JPMorgan 68,975.82 196 8.31%
4 Wells Fargo Securities 67,736.13 189 8.16%
5 Credit Suisse 55,269.48 140 6.66%