UBS, Barclays Can’t ‘Wash Hands’ Of Subprime, CreditSights Says

  • 06 Jul 2007
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UBS, Barclays and other European lenders may not be able to “wash their hands” of the special firms they set up to issue U.S. mortgage-backed bonds and collateralized debt obligations, CreditSights said. European institutions may support the so-called special- purpose entities, even though they were designed to have no recourse to the banks in the event of losses, such as those stemming from the slump in the subprime market, analyst Simon Adamson in London told Bloomberg News.

Banks and asset managers in Europe sold 58.8 billion euros ($79.9 billion) of CDOs this year, 104% more than the same period a year ago, according to data compiled by Deutsche Bank. Deutsche Bank in Frankfurt, Barclays, BNP Paribas and Royal Bank of Scotland “almost unbelievably” don't mention CDOs in their annual reports, Adamson said.

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  • 06 Jul 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 104,581.71 299 10.94%
2 Bank of America Merrill Lynch 86,347.40 249 9.04%
3 JPMorgan 80,990.39 237 8.47%
4 Wells Fargo Securities 77,934.65 225 8.15%
5 Credit Suisse 63,570.21 165 6.65%