RMBS Shop To Close ABS CDO

  • 15 Dec 2002
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C-Bass V, an asset-backed securities collateralized debt obligation originated by C-Bass, a mortgage investment and servicing company specializing in credit sensitive residential mortgage-backed securities, is expected to close this week. Deutsche Bank is the lead underwriter for this $350 million transaction. C-Bass has four ABS CDOs outstanding. Michael Herzig, head of global CDOs at Deutsche Bank, was traveling and did not return calls seeking comment. John Draghi, cio at C-Bass, did not return calls.

The notes are backed by a mix of approximately 75% RMBS, 22% ABS and 3% CDOs. A rating agency analyst says that although the deal is static, the manager has the right to sell defaulted securities or impaired RMBS. The collateral has an average weighted rating of triple-B minus.

 

  • 15 Dec 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 12,356.92 41 13.15%
2 Bank of America Merrill Lynch 10,716.42 32 11.41%
3 Barclays 9,195.07 28 9.79%
4 JPMorgan 7,774.38 29 8.28%
5 Wells Fargo Securities 7,444.83 29 7.93%