• Leveraged loan issuance totals $236.69 billion year to date
New York, Oct. 31 - Banc of America remained on top of the league table of leveraged loan arrangers for the year so far, according to data compiled by Prospect News.
But the rankings were little changed from the month before as new deal activity remained subdued.
B of A has now been number one year to date for six consecutive months. It had been leading for the year through March, but JPMorgan pushed ahead in April for a single month before B of A retook first place.
Issuance for the month was $14.28 billion. That was down from $21.05 billion in September, although ahead of August's $12.44 billion. It was also only a little more than half the monthly average of $23.67 billion for the year so far.
October 2007, by contrast, saw $63.09 billion of new issuance.
Year-to-date deal volume is now $236.69 billion, just 37% of the $633.47 billion at the same stage in 2007.
Neither Barclays nor Lehman Brothers made the top 10 arrangers on their own. Counted together, the combined bank would have had $8.835 billion of deals, enough for a number 10 position in the year-to-date table.
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 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 30.999 | 109 | 13.10% | 3 | 77.958 | 158 | 12.31%
|
| 2 | JPMorgan | 22.850 | 81 | 9.65% | 1 | 102.302 | 176 | 16.15%
|
| 3 | Deutsche Bank | 19.286 | 24 | 8.15% | 6 | 34.470 | 70 | 5.44%
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| 4 | Goldman Sachs | 16.982 | 23 | 7.17% | 5 | 45.626 | 94 | 7.20%
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| 5 | Morgan Stanley | 13.538 | 20 | 5.72% | 10 | 21.497 | 48 | 3.39%
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| 6 | Citigroup | 13.533 | 23 | 5.72% | 2 | 79.255 | 102 | 12.51%
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| 7 | Credit Suisse | 12.021 | 35 | 5.08% | 4 | 56.048 | 142 | 8.85%
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| 8 | GECC | 10.094 | 57 | 4.26% | 13 | 10.351 | 45 | 1.63%
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| 9 | Wachovia | 9.447 | 46 | 3.99% | 9 | 25.479 | 69 | 4.02%
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| 10 | BNP Paribas | 6.574 | 20 | 2.78% | 18 | 4.422 | 19 | 0.70%
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| Total | 236.694 | 500 | 633.469 | 879 |
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| Average size: | 0.473 | 0.721 |
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| October
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| | | | | 2007 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 1.732 | 10 | 12.13% | 2 | 7.654 | 14 | 12.13%
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| 2 | RBS | 1.102 | 4 | 7.72% |
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| 3 | JPMorgan | 1.000 | 8 | 7.00% | 1 | 10.292 | 17 | 16.31%
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| 4 | BNP Paribas | 0.863 | 3 | 6.05% | 32 | 0.065 | 1 | 0.10%
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| 5 | GECC | 0.752 | 6 | 5.27% | 15 | 0.700 | 1 | 1.11%
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| 6 | Wachovia | 0.705 | 5 | 4.94% | 8 | 2.741 | 5 | 4.35%
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| 7 | Sumitomo | 0.683 | 2 | 4.79% |
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| 8 | WFC | 0.625 | 5 | 4.38% |
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| 9 | Morgan Stanley | 0.625 | 1 | 4.38% | 4 | 6.918 | 10 | 10.97%
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| 10 | Bear Stearns | 0.600 | 1 | 4.20% | 22 | 0.253 | 1 | 0.40%
|
| Total | 14.278 | 49 | 63.089 | 66 |
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| Average size: | 0.291 | 0.956 |
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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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