RBS Preps Synthetic Loan Deal

The Royal Bank of Scotland is in the market with a synthetic collateralized loan obligation that will reference senior and mezzanine leveraged loans.

  • 19 Oct 2003
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The Royal Bank of Scotland is in the market with a synthetic collateralized loan obligation that will reference senior and mezzanine leveraged loans. The deal is expected to be E500 million and is called Skye CLO I. RBS will enter into a super senior credit default swap of E300 million and purchase junior credit protection from Skye for approximately E200 million, according to a source. Skye will then issue a variety of notes. This is the second synthetic CLO from RBS that taps the leveraged loan asset class. The firm raised debt backing a deal called Cairngorm in 2001. Officials from RBS did not return calls.

  • 19 Oct 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

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1 Citi 117,398.62 338 11.04%
2 Bank of America Merrill Lynch 94,721.79 272 8.91%
3 JPMorgan 92,612.23 269 8.71%
4 Wells Fargo Securities 82,597.19 239 7.77%
5 Credit Suisse 69,442.99 183 6.53%