• Leveraged loan issuance totals $613.88 billion in 2006
• JPMorgan top leveraged loan arranger in Q4
• Leveraged loan issuance totals $171.46 billion in Q4
• Credit Suisse top leveraged loan arranger in December
• Leveraged loan issuance totals $24.33 billion in December
New York, Dec. 29 - JPMorgan finished the year as the top arranger of leveraged loans, repeating the number one place it held in 2005, according to data compiled by Prospect News.
Meanwhile, issuance for the year totaled $613.88 billion, way ahead of the $380.10 billion for the previous year. The $233.78 billion margin put the year just completed 62% ahead of 2005 activity.
JPMorgan had been the top arranger for most of 2006, holding the year-to-date title for all but three months.
It finished with a slightly wider lead over the number two bank - $23.8 billion versus $23.0 billion than at the end of November.
Banc of America came in second for the year with Citigroup in third. Between them, the top three accounted for 40% of the market.
JPMorgan was also number one arranger for the fourth quarter but Credit Suisse was ahead for December, which saw $24.33 billion of issuance, a relatively subdued month with activity running at just under half the $50.76 billion monthly average for the year.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
Year to date 2006
2005 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 106.037 | 205 | 17.27% | 1 | 70.979 | 178 | 18.68%
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| 2 | Banc of America | 83.247 | 184 | 13.56% | 2 | 47.599 | 162 | 12.52%
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| 3 | Citigroup | 79.863 | 100 | 13.01% | 3 | 42.647 | 100 | 11.22%
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| 4 | Credit Suisse | 55.919 | 145 | 9.11% | 4 | 29.553 | 111 | 7.78%
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| 5 | Deutsche Bank | 35.047 | 82 | 5.71% | 5 | 25.083 | 61 | 6.60%
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| 6 | Goldman Sachs | 33.156 | 74 | 5.40% | 8 | 20.263 | 58 | 5.33%
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| 7 | Wachovia | 22.320 | 82 | 3.64% | 7 | 21.030 | 81 | 5.53%
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| 8 | Merrill Lynch | 20.786 | 50 | 3.39% | 9 | 9.784 | 34 | 2.57%
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| 9 | Morgan Stanley | 18.526 | 44 | 3.02% | 14 | 5.709 | 25 | 1.50%
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| 10 | UBS | 17.308 | 67 | 2.82% | 10 | 9.217 | 42 | 2.43%
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| Total | 613.879 | 1009 | 380.071 | 853 |
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| Average size: | 0.608 | 0.446 |
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| Q4 | 2006 |
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| | | | | 2005 Comparables |
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 33.375 | 46 | 19.47% | 1 | 17.306 | 49 | 16.21%
|
| 2 | Banc of America | 24.488 | 42 | 14.28% | 2 | 11.842 | 44 | 11.09%
|
| 3 | Citigroup | 20.297 | 22 | 11.84% | 3 | 10.250 | 29 | 9.60%
|
| 4 | Credit Suisse | 20.142 | 40 | 11.75% | 7 | 6.219 | 26 | 5.83%
|
| 5 | Goldman Sachs | 12.599 | 19 | 7.35% | 4 | 9.123 | 24 | 8.55%
|
| 6 | Deutsche Bank | 9.590 | 21 | 5.59% | 8 | 5.087 | 14 | 4.77%
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| 7 | Bear Stearns | 7.032 | 11 | 4.10% | 12 | 2.099 | 8 | 1.97%
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| 8 | Wachovia | 6.519 | 22 | 3.80% | 5 | 7.445 | 28 | 6.97%
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| 9 | Morgan Stanley | 6.428 | 14 | 3.75% | 18 | 1.222 | 7 | 1.14%
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| 10 | Merrill Lynch | 5.445 | 7 | 3.18% | 9 | 5.027 | 13 | 4.71%
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| Total | 171.455 | 230 | 106.750 | 264 |
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| Average size: | 0.745 | 0.404 |
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| December 2006 |
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| | | | | 2005 Comparables |
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Credit Suisse | 6.293 | 11 | 25.87% | 6 | 1.451 | 5 | 5.04%
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| 2 | JPMorgan | 4.045 | 7 | 16.63% | 2 | 4.098 | 13 | 14.22%
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| 3 | Banc of America | 2.695 | 7 | 11.08% | 1 | 4.522 | 17 | 15.69%
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| 4 | Citigroup | 2.294 | 6 | 9.43% | 10 | 1.050 | 5 | 3.64%
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| 5 | Deutsche Bank | 1.976 | 6 | 8.12% | 8 | 1.250 | 4 | 4.34%
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| 6 | Goldman Sachs | 1.897 | 4 | 7.80% | 3 | 3.332 | 8 | 11.56%
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| 7 | SUN | 0.750 | 3 | 3.08% | 31 | 0.075 | 1 | 0.26%
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| 8 | Lehman | 0.600 | 2 | 2.47% | 11 | 1.000 | 3 | 3.47%
|
| 9 | Wachovia | 0.588 | 3 | 2.42% | 4 | 3.152 | 9 | 10.94%
|
| 10 | RBC | 0.550 | 1 | 2.26% | 14 | 0.307 | 1 | 1.07%
|
| Total | 24.326 | 50 | 28.817 | 79 |
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| Average size: | 0.487 | 0.365 |
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| Prospect News Leveraged Loan Arranger Rankings
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Criteria
• The tables include dollar-denominated deals offered in the United States and reported to Prospect News.
• Deals must be $75 million or bigger for inclusion.
• All loans are leveraged: either the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.
• Includes amended and restated loans where the maturity or size is changed but not repricings.
• Offerings are included in the time period in which the bank meeting was held (if available), otherwise the earlier of settlement date or date reported to Prospect News.
• Numeric totals are for the number of deals (not tranches).
• DIP facilities are included; bridge loans are excluded.
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