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 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 90,620.08 256 11.30%
2 Bank of America Merrill Lynch 77,027.41 213 9.60%
3 JPMorgan 67,464.46 192 8.41%
4 Wells Fargo Securities 67,146.17 186 8.37%
5 Credit Suisse 52,389.21 132 6.53%