• Leveraged loan issuance totals $67.12 billion year to date
New York, March 31 - Banc of America moved up to the top position among arrangers of leveraged loans for the year so far, according to data compiled by Prospect News.
In moving up to the top spot, Banc of America dislodged Deutsche Bank, which had been lifted into first place in large part because of its role as joint lead arranger with Banc of America on the $9.25 billion facility for Harrah's Operating Co. Inc.
While Banc of America's league table standing has also been helped by the Harrah's deal, it has also been involved in a large number of other deals, 18 so far this year, second only to General Electric Capital Corp. with 21.
For March JPMorgan was the leading arranger of leveraged loans.
Meanwhile, overall market activity slumped dramatically in March.
Total issuance volume for the month was just $8.00 billion, only a little more than half the $15.80 billion in February and the smallest amount of new deals since Prospect News records being in 2003.
At $67.12 billion, year-to-date activity is just 33% of the $205.28 billion at the same stage in 2007.
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 | 8.678 | 18 | 12.93% | 2 | 27.145 | 54 | 13.22%
|
| 2 | Deutsche Bank | 8.265 | 8 | 12.31% | 5 | 15.116 | 28 | 7.36%
|
| 3 | JPMorgan | 7.222 | 14 | 10.76% | 1 | 42.603 | 62 | 20.75%
|
| 4 | Citigroup | 5.155 | 8 | 7.68% | 7 | 13.523 | 31 | 6.59%
|
| 5 | Goldman Sachs | 4.339 | 7 | 6.47% | 4 | 18.126 | 46 | 8.83%
|
| 6 | GECC | 3.814 | 21 | 5.68% | 15 | 2.135 | 12 | 1.04%
|
| 7 | Credit Suisse | 3.482 | 9 | 5.19% | 3 | 21.610 | 60 | 10.53%
|
| 8 | Morgan Stanley | 3.176 | 6 | 4.73% | 10 | 6.952 | 17 | 3.39%
|
| 9 | Wachovia | 2.993 | 13 | 4.46% | 9 | 7.119 | 21 | 3.47%
|
| 10 | Lehman | 2.290 | 6 | 3.41% | 8 | 8.798 | 23 | 4.29%
|
| Total | 67.120 | 127 | 205.279 | 306 |
|
|
|
| Average size: | 0.529 | 0.671 |
|
|
|
|
|
| March
|
| | | | | 2007 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 1.611 | 4 | 20.14% | 1 | 18.145 | 26 | 22.44%
|
| 2 | GECC | 0.981 | 7 | 12.25% | 14 | 0.660 | 5 | 0.82%
|
| 3 | Banc of America | 0.920 | 4 | 11.50% | 2 | 9.750 | 21 | 12.06%
|
| 4 | HSBC | 0.750 | 1 | 9.37% |
|
| 5 | Goldman Sachs | 0.725 | 2 | 9.06% | 3 | 8.980 | 24 | 11.11%
|
| 6 | Credit Suisse | 0.581 | 3 | 7.26% | 5 | 8.797 | 19 | 10.88%
|
| 7 | Keybank | 0.325 | 2 | 4.06% |
|
| 8 | Deutsche Bank | 0.325 | 1 | 4.06% | 4 | 8.909 | 15 | 11.02%
|
| 9 | Citigroup | 0.250 | 1 | 3.12% | 6 | 4.923 | 11 | 6.09%
|
| 10 | Wachovia | 0.155 | 2 | 1.94% | 10 | 2.363 | 8 | 2.92%
|
| Total | 8.001 | 30 | 80.845 | 116 |
|
|
|
| Average size: | 0.267 | 0.697 |
|
|
|
|
|
| Prospect News Leveraged Loan Arranger Rankings
|
|
|
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
