• Leveraged loan issuance totals $473 billion year to date
New York, June 29 - JPMorgan continued its run as the top arranger of leveraged loans for the year so far, according to data compiled by Prospect News.
The bank also stretched substantially its lead over Banc of America in the number two position.
Yet again issuance was substantially ahead of the 2006 pace.
So far this year, $473.03 billion of leveraged loans have been brought to market, up 43% from $329.70 billion for the same period of 2006.
June saw $115.63 billion of deals, a 44% increase compared to $80.21 billion for the same month a year ago.
Apart from January, every month so far this year has seen substantially more market activity than the comparable period of 2006.
Among the banks, JPMorgan has handled $80.47 billion of leveraged loans so far in 2007, putting it $21.58 billion ahead of Banc of America at $58.89 billion. The margin was $12.91 billion at the end of May.
Playing a significant role in JPMorgan's strong showing is its role as joint lead arranger with Citigroup and Goldman Sachs for Chrysler Corp. LLC and Chrysler Financial Services LLC's $20 billion credit facility.
JPMorgan has now taken the top spot in the year-to-date rankings for five straight months. Banc of America was first in January while JPMorgan placed number one for all of 2006.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
Year to date 2007
2006 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 80.473 | 128 | 17.01% | 1 | 48.975 | 107 | 14.85%
|
| 2 | Banc of America | 58.892 | 110 | 12.45% | 3 | 45.284 | 103 | 13.73%
|
| 3 | Credit Suisse | 45.343 | 115 | 9.59% | 4 | 27.706 | 81 | 8.40%
|
| 4 | Citigroup | 44.362 | 75 | 9.38% | 2 | 47.108 | 56 | 14.29%
|
| 5 | Goldman Sachs | 42.192 | 82 | 8.92% | 7 | 15.710 | 39 | 4.77%
|
| 6 | Deutsche Bank | 28.990 | 54 | 6.13% | 6 | 19.596 | 49 | 5.94%
|
| 7 | Merrill Lynch | 23.719 | 35 | 5.01% | 9 | 11.757 | 33 | 3.57%
|
| 8 | Lehman | 23.088 | 52 | 4.88% | 12 | 8.088 | 30 | 2.45%
|
| 9 | Wachovia | 18.850 | 49 | 3.98% | 8 | 12.089 | 45 | 3.67%
|
| 10 | UBS | 16.875 | 56 | 3.57% | 10 | 9.108 | 33 | 2.76%
|
| Total | 473.026 | 629 | 329.702 | 554 |
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| Average size: | 0.752 | 0.595 |
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| Q2 | 2007
|
| | | | | 2006 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 37.869 | 66 | 14.14% | 1 | 26.191 | 56 | 14.48%
|
| 2 | Banc of America | 31.747 | 56 | 11.86% | 2 | 22.756 | 56 | 12.58%
|
| 3 | Citigroup | 30.838 | 44 | 11.52% | 4 | 19.509 | 25 | 10.78%
|
| 4 | Goldman Sachs | 24.065 | 36 | 8.99% | 6 | 12.233 | 27 | 6.76%
|
| 5 | Credit Suisse | 23.733 | 55 | 8.86% | 5 | 18.182 | 52 | 10.05%
|
| 6 | None/Unknown | 22.118 | 8 | 8.26% | 3 | 22.625 | 5 | 12.51%
|
| 7 | Lehman | 14.290 | 29 | 5.34% | 9 | 5.475 | 21 | 3.03%
|
| 8 | Deutsche Bank | 13.875 | 26 | 5.18% | 8 | 7.451 | 27 | 4.12%
|
| 9 | UBS | 11.813 | 35 | 4.41% | 13 | 3.146 | 18 | 1.74%
|
| 10 | Wachovia | 11.731 | 28 | 4.38% | 11 | 4.559 | 22 | 2.52%
|
| Total | 267.747 | 323 | 180.908 | 310 |
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| Average size: | 0.829 | 0.584 |
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| June 2007
|
| | | | | 2006 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 16.506 | 23 | 14.28% | 2 | 10.573 | 27 | 13.18%
|
| 2 | Citigroup | 12.309 | 15 | 10.65% | 3 | 7.717 | 7 | 9.62%
|
| 3 | Goldman Sachs | 10.479 | 15 | 9.06% | 7 | 3.864 | 8 | 4.82%
|
| 4 | Credit Suisse | 9.663 | 19 | 8.36% | 6 | 5.475 | 18 | 6.83%
|
| 5 | Banc of America | 8.259 | 18 | 7.14% | 4 | 7.541 | 26 | 9.40%
|
| 6 | Wachovia | 7.084 | 10 | 6.13% | 10 | 1.602 | 9 | 2.00%
|
| 7 | UBS | 6.807 | 18 | 5.89% | 9 | 2.058 | 12 | 2.57%
|
| 8 | Lehman | 3.473 | 8 | 3.00% | 11 | 1.587 | 7 | 1.98%
|
| 9 | RBC | 2.526 | 6 | 2.19% |
|
| 10 | Merrill Lynch | 1.952 | 5 | 1.69% | 5 | 5.553 | 10 | 6.92%
|
| Total | 115.625 | 131 | 80.207 | 131 |
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| Average size: | 0.883 | 0.612 |
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| 0.579 |
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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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