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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 Citi 3,237 10 19.12
2 Goldman Sachs 2,096 5 12.39
3 Morgan Stanley 1,965 5 11.61
4 BNP Paribas 1,686 6 9.96
5 Barclays 1,565 4 9.25

Bookrunners of Global Structured Finance

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1 Citi 33,499.81 106 11.84%
2 JPMorgan 26,026.16 75 9.20%
3 Wells Fargo Securities 25,325.15 70 8.95%
4 Bank of America Merrill Lynch 23,157.33 74 8.18%
5 Barclays 17,494.57 59 6.18%