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Special focus: Sub-prime and leveraged loans

Special focus: Sub-prime and leveraged loans

Follow the buildup to today's subprime and leveraged loan problems.

Securitisation is not dead

Securitisation is not dead

By Michael Heise, chief economist Allianz Group/Dresdner Bank

Liquid real estate Issue 04

League tables and performance data





Top 10 Global CMBS Bookrunner Ranking
Year to November 26, 2007
Bookrunner parents Deal value $mln No. % share
1 Morgan Stanley 43,139.67 35 15.61
2 Wachovia 29,799.34 10 10.78
3 Lehman Brothers 18,516.88 13 6.7
4 Credit Suisse 18,094.51 10 6.55
5 Deutsche Bank 17,929.39 10 6.49
6 Bank of America 17,241.68 8 6.24
7 Merrill Lynch 16,890.80 16 6.11
8 Citi 15,180.30 11 5.49
9 JPMorgan 14,899.27 10 5.39
10 RBS 13,815.00 11 5
Subtotal 205,506.84 118 74.38
Total 276,308.44 147 100
Top 10 Global RMBS Bookrunner Ranking
Year to November 26, 2007
Bookrunner parents Deal value $mln No. % share
1 Lehman Brothers 91,191.68 101 9.64
2 RBS 70,234.15 83 7.42
3 Deutsche Bank 70,087.28 94 7.41
4 Bear Stearns 63,199.78 81 6.68
5 Barclays Capital 57,461.21 49 6.07
6 Credit Suisse 52,921.42 91 5.59
7 JPMorgan 52,310.21 60 5.53
8 Citi 51,818.26 78 5.48
9 Merrill Lynch 50,181.06 71 5.3
10 UBS 44,716.08 76 4.73
Subtotal 604,121.12 701 63.86
Total 946,056.96 1,038 100
Top 10 Global Bookrunners for Real Estate syndicated loans
Bookrunner Deal value $mln No. % share
1 Bank of America 21,417 90 9.9
2 JPMorgan 18,538 56 8.6
3 Wachovia 17,451 83 8.1
4 Commerzbank Group 11,642 39 5.4
5 Citigroup 8,609 21 4.0
6 Barclays Capital 8,486 8 3.9
7 Calyon 7,587 15 3.5
8 RBS 6,801 13 3.2
9 KeyBanc Capital Markets 5,841 40 2.7
10 Deutsche Bank 4,871 14 2.3
Total 215,866 722 100.0
Top 10 Europe CMBS Bookrunner Ranking
Year to November 26, 2007
Bookrunner parents Deal value $mln No. % share
1 Deutsche Bank 9,160.55 6 17.25
2 Morgan Stanley 7,016.20 7 13.21
3 Credit Suisse 5,507.10 3 10.37
4 Citi 5,359.31 6 10.09
5 Barclays Capital 5,081.18 6 9.57
6 RBS 4,560.66 6 8.59
7 Lehman Brothers 3,451.94 2 6.5
8 LaSalle Financial Services 2,217.58 1 4.17
9 Merrill Lynch 2,085.37 4 3.93
10 ABN Amro 1,435.23 1 2.7
Subtotal 45,875.11 36 86.37
Total 53,117.41 43 100
Top 10 Europe RMBS Bookrunner Ranking
Year to November 26, 2007
Bookrunner parents Deal value $mln No. % share
1 Barclays Capital 39,048.89 19 15.77
2 RBS 21,743.02 14 8.78
3 Deutsche Bank 21,278.30 13 8.6
4 Citi 18,681.30 11 7.55
5 Lehman Brothers 17,788.13 11 7.19
6 Merrill Lynch 14,021.95 9 5.66
7 Morgan Stanley 12,892.82 8 5.21
8 JPMorgan 10,770.65 10 4.35
9 ABN Amro 10,330.75 14 4.17
10 UBS 9,749.53 10 3.94
Subtotal 176,305.34 77 71.22
Total 247,560.44 108 100
Top 10 Bookrunners for European Real Estate loans
Bookrunner parents Deal value $mln No. % share
1 Commerzbank 8,809 24 13.4
2 RBS 6,008 9 9.2
3 Calyon 5,924 8 9.0
4 BNP Paribas 3,812 8 5.8
5 Barclays Capital 3,558 3 5.4
6 Société Générale 2,742 7 4.2
7 Goldman Sachs 2,409 1 3.7
8 Bank of Scotland 2,246 1 3.4
9 Caja Madrid 2,189 1 3.3
10 Natixis 2,064 5 3.1
Total 65,639 92 100.0
Source: Dealogic



OTC Commercial Property Derivative Deals
Number of deals and notional value
Bank Deals Volume Deals Volume Deals Volume Total deals Total volume
pre-2006 pre-2006 (£mln) 2006 2006 (£mln) 2007 YTD 2007 YTD (£mln) (£mln)
Merrill Lynch 75 1,000 99 2,570 174 3,570
Goldman Sachs 2,200
Deutsche Bank 6 130 24 780 30 510 60 1,420
Lehman Brothers 43 650 250 900
Toronto Dominion 5 70 5 70
CSFB 2 20 ($35) 2 20
NB: Deutsche & Lehman figures updated in September
Source: Selected Banks/Euromoney


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Some senior executives within banking are, in private of course, admitting the current composition of boards is not serving the industry’s best interests

Fewer than one in three directors of 17 banks outlined in Board stupid has any direct experience of the banking industry. Most worrying for shareholders, only one in 10 directors are former bankers in a non-executive role.

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