Subprime ABS buoyed by skin in the game — S&P

Subprime auto ABS performance is holding up, said analysts at S&P Global Ratings this week, with transactions weathering the recent spate of loan delinquencies thanks to skin in the game on the part of the issuers.

  • By Sasha Padbidri
  • 12 Sep 2017

The analysts noted that holding the first loss piece and shouldering losses when they are “higher than expected” has helped absorb losses that would have otherwise hit bondholders.

“The excess spread which would otherwise have been released to them, has been trapped in the transactions to cover credit ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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3 Wells Fargo Securities 62,984.09 198 9.86%
4 JPMorgan 45,920.23 145 7.19%
5 Credit Suisse 37,235.50 114 5.83%