Abbey sells largest MBS deal to tough market as supply stretches out spreads

Abbey National, the UK’s second largest mortgage bank, this week defied a difficult credit market by returning successfully to its Holmes master trust structure in what the issuer believes to be the largest securitisation of residential mortgages in the European market.

  • 01 Nov 2002
Arranged by Barclays Capital and JP Morgan, the £4bn deal was closed fully subscribed despite a heavy pipeline in the ABS sector that includes an expected Eu6bn securitisation of public real estate from the Republic of Italy. The deal is Abbey's only offering from the Holmes master ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 67,814.25 217 8.37%
2 JPMorgan 64,786.86 230 8.00%
3 Barclays 55,262.22 183 6.82%
4 Bank of America Merrill Lynch 48,274.42 172 5.96%
5 Deutsche Bank 43,665.36 159 5.39%

Bookrunners of All Syndicated Loans EMEA

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2 Deutsche Bank 3,538.77 6 8.66%
3 Citi 2,570.45 7 6.29%
4 Commerzbank Group 2,532.05 5 6.20%
5 BNP Paribas 1,798.71 8 4.40%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 UBS 998.25 3 12.17%
2 Citi 693.55 2 8.46%
3 Morgan Stanley 606.80 4 7.40%
4 Bank of America Merrill Lynch 509.34 3 6.21%
5 Jefferies LLC 409.89 4 5.00%