• Leveraged loan issuance totals $514 billion year to date
New York, Aug. 31 - JPMorgan continued as the top arranger of leveraged loans for the year to date after a month which saw activity drop off sharply from the pace earlier in the year, according to data compiled by Prospect News.
Volume for the month was $18.2 billion, less than half the $37.1 billion seen in July (a figure adjusted downward from the previously reported $44.4 billion due to postponed and pulled transactions) and the smallest total since February 2004.
Nonetheless, the year-to-date total remains way ahead of the 2006 pace, at $514.4 billion versus $399.3 billion for the first eight months of last year.
JPMorgan has now taken the number one position in the year-to-date rankings for seven consecutive months. Banc of America was first in January while JPMorgan placed number one for all of 2006.
Even amid the slower pace, the bank expanded its lead over second-placed BofA to $6.3 billion versus $4.3 billion for the year through July.
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 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 88.751 | 151 | 17.25% | 1 | 62.262 | 138 | 15.59%
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| 2 | Banc of America | 62.507 | 132 | 12.15% | 3 | 51.262 | 124 | 12.84%
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| 3 | Citigroup | 50.055 | 91 | 9.73% | 2 | 56.780 | 72 | 14.22%
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| 4 | Credit Suisse | 47.603 | 129 | 9.25% | 4 | 32.409 | 97 | 8.12%
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| 5 | Goldman Sachs | 38.900 | 85 | 7.56% | 7 | 19.465 | 50 | 4.87%
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| 6 | Deutsche Bank | 29.149 | 60 | 5.67% | 5 | 24.411 | 59 | 6.11%
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| 7 | Merrill Lynch | 26.036 | 39 | 5.06% | 8 | 14.966 | 42 | 3.75%
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| 8 | Lehman | 25.447 | 61 | 4.95% | 11 | 10.815 | 39 | 2.71%
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| 9 | Wachovia | 21.982 | 61 | 4.27% | 9 | 14.498 | 54 | 3.63%
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| 10 | UBS | 18.040 | 64 | 3.51% | 10 | 12.576 | 47 | 3.15%
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| Total | 514.364 | 757 | 399.343 | 698 |
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| Average size: | 0.679 | 0.572 |
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| August 2007
|
| | | | | 2006 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 4.226 | 10 | 23.22% | 1 | 6.899 | 12 | 24.81%
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| 2 | Banc of America | 2.235 | 10 | 12.28% | 5 | 1.645 | 8 | 5.91%
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| 3 | RBC | 1.600 | 2 | 8.79% |
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| 4 | Citigroup | 1.350 | 4 | 7.42% | 2 | 4.953 | 6 | 17.81%
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| 5 | BNP Paribas | 1.125 | 4 | 6.18% | 6 | 1.452 | 4 | 5.22%
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| 6 | Lehman | 1.107 | 3 | 6.09% | 10 | 0.876 | 3 | 3.15%
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| 7 | Key | 1.070 | 2 | 5.88% | 14 | 0.575 | 2 | 2.07%
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| 8 | Wachovia | 0.950 | 2 | 5.22% | 18 | 0.300 | 1 | 1.08%
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| 9 | Credit Suisse | 0.613 | 2 | 3.37% | 8 | 1.224 | 4 | 4.40%
|
| 10 | RBS | 0.500 | 1 | 2.75% | 19 | 0.280 | 3 | 1.00%
|
| Total | 18.196 | 42 | 27.813 | 53 |
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| Average size: | 0.433 | 0.525 |
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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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