CDO Investors Grapple To Stave Off Liquidation

Some investors in collateralized debt obligations facing potential events of default are battling to gain control of the deals to stave off liquidation.

  • 14 Mar 2008

--Aaron Johnson

Some investors in collateralized debt obligations facing potential events of default are battling to gain control of the deals to stave off liquidation. “They’re finding the cost of buying out the junior bonds outweighs the cost of just selling [in a liquidation],” said one structured finance lawyer.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%