Financial Guarantor of The Year

  • 16 Mar 2007
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FGIC

FGIC expanded its international business into Mexico in 2006, guaranteeing its first residential mortgage-backed securities transaction in October. The deal, issued by GMAC Financiera, was Mexico's first monoline-wrapped RMBS transaction. FGIC was involved in a number of other deals throughout the year, including Dexia Credit Local and Credit Suisse's unique collateralized bond obligation, which featured a portfolio of public-sector finance reference obligations and was a £1.5 billion privately placed synthetic balance sheet deal for the Dublin branch of Dexia Credit Local. FGIC also provided wraps for the $85 million A-1A Class and its $50 million A-1B Class tranches of Amsted Industries Incorporated's CAF ABS Investment deal.

 

XL Capital Assurance

XL Capital Assurance was involved in a number of high-profile transactions in 2006, including funeral planner Forethought Financial Services' $134 million securitization backed by insurance policies taken out to finance funeral services, Consumer Portfolio Services' $247.5 million CPS Auto Receivables Trust 2006-C, and CMA CGM's first container vessel securitization, for which XL Capital provided a wrap on the $253.75 million class-A notes, giving the deal exposure to investment-grade investors.

 

AMBAC

AMBAC participated in numerous securitizations in 2006, including Dunkin' Brands' $1.7 billion securitization of substantially all of the revenue-generating assets of the restaurant franchiser's brands throughout the world. AMBAC also provided wraps for Origen Financial's Origen 2006-A, a $201 million securitization of manufactured housing contracts; U.K. pub firm Mitchells & Butlers' £1.1 billion floating-rate offering. It also worked on Wachovia Securities' first public XXX securitization, an $850 million asset-backed securities deal completed for Reinsurance Group of America, and was involved in the Dexia Credit Local/Credit Suisse £1.5 billion CBO deal.

 

MBIA Insurance

MBIA Insurance provided wraps for UnumProvident Corp.'s first securitization, an issuance of $130 million of bonds backed by seasoned group long-term income-protection claim reserves; and the $550 million Sierra Timeshare 2006-1 securitization, backed by loans to consumers to purchase timeshares. MBIA was also a participant in the Dexia Credit Local/Credit Suisse £1.5 billion CBO deal.

  • 16 Mar 2007

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