Fortis Plans Emerging Market CBO

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  • 25 Aug 2003
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Paris-based Fortis Investment Management is looking at launching another collateralized bond obligation backed by emerging market sovereign debt. Raphael Marechal, senior emerging market fund manager, says that at the moment spreads on emerging market sovereign debt are too tight to launch a new CBO, but once they widen out Fortis will consider putting together a new deal.

Spreads on the J.P. Morgan Emerging Market Bond Index were roughly 500 basis points over Treasuries late last week, considered a very tight level for emerging markets. Marechal says that if the EMBI were to widen by 100 basis points or so, that would be the level where a new CBO could offer good returns for equity investors. Fortis' last emerging market CBO was a $154.8 million deal launched late last year.

  • 25 Aug 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 18.00
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.42
3 Citi 5,130 13 8.76
4 JP Morgan 4,681 6 7.99
5 Lloyds Bank 3,389 13 5.79

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3 JPMorgan 48,700.30 139 7.92%
4 Wells Fargo Securities 48,082.68 138 7.82%
5 Credit Suisse 38,376.65 95 6.24%