Citigroup
Citigroup trumped other contenders in this category, with the breadth of its securitisation franchise in terms of deal volume and value, global reach and product range. Moreover, league table-topping deal flow in the first six months of 2004 showed strong momentum, which impressed the judges. For the first half of this year, Citigroup maintained its top position for all international issuers and all European issuers. Leveraging its global position, Citigroup has very successfully expanded its business outside the US, including the establishment of commercial mortgage and non-performing loan platforms in Europe. Two deals in particular caught the judges’ attention. The securitisation of Portuguese delinquent tax and social security receivables, a e1.7 bn deal, was Portugal’s debut issue in this growing sub-sector of the securitisation market, and the first of its kind in Europe. The bridge financing provided by Citigroup in 2003 allowed the Portuguese government to achieve its 2003 Maastricht targets, while the take-out financing in 2004, which was tranched down to BBB levels, was well-received in investor markets. Although not strictly a securitisation, the analysis and approach to the HBOS €14bn covered bond deal was identical. Because there was no covered bond legislation in the UK, it was structured, rated and documented by the respective securitisation teams. And since its launch last year, the product has been widely accepted by both investors and issuers. “We pride ourselves on our innovation and our unparalleled distribution and trading capabilities in the various markets we are active in. The number of ‘deal firsts’ we have achieved evidences our success in addressing the often bespoke requirements of our individual clients,” says Simon Dudley, managing director, Citigroup global securitised markets
