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 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

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,723.52 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.82%
5 Credit Suisse 69,442.99 183 6.57%