CDO OC Test Gaming On The Rise

Trading in collateralized debt obligation portfolios before a review date to boost overcollateralization has become more pronounced among managers in the recent illiquid market.

  • 02 Jul 2007

--Aaron Johnson

Trading in collateralized debt obligation portfolios before a review date to boost overcollateralization has become more pronounced among managers in the recent illiquid market. “What creates the pressure on the OC tests are ratings downgrades and losses, but it’s difficult to improve overcollateralization with illiquidity,” said ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
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

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 32,618.79 103 11.88%
2 JPMorgan 25,662.81 73 9.35%
3 Wells Fargo Securities 24,627.51 67 8.97%
4 Bank of America Merrill Lynch 23,023.30 73 8.39%
5 Barclays 17,051.25 56 6.21%