CMBS Breaches Raise Specter Of New Investor Conflicts (update)

Growing numbers of European commercial mortgage-backed securitizations facing loan-to-value covenant breaches are raising the concern of conflict between different classes of investors.

  • 12 Sep 2008
--Alex Sebastian

Growing numbers of European commercial mortgage-backed securitizations facing loan-to-value covenant breaches are raising the concern of conflict between different classes of investors. Not curing the breaches will often lead to an event of default and could mean the deal’s waterfall of payments becomes completely sequential, putting the ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 120,318.45 348 12.72%
2 Bank of America Merrill Lynch 104,269.08 299 11.02%
3 Wells Fargo Securities 88,761.07 266 9.38%
4 JPMorgan 69,240.12 209 7.32%
5 Credit Suisse 51,560.77 157 5.45%