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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 15,256 32 17.31
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.93
3 Citi 8,264 22 9.37
4 Lloyds Bank 7,329 24 8.31
5 JP Morgan 6,580 10 7.46

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1 Citi 129,591.43 378 11.20%
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3 JPMorgan 101,741.96 296 8.79%
4 Wells Fargo Securities 91,373.90 263 7.90%
5 Credit Suisse 76,186.18 204 6.58%