• Leveraged loan issuance totals $86.84 billion year to date
New York, April 30 - JPMorgan took the number one spot among arrangers of leveraged loans for the year so far, according to data compiled by Prospect News.
JPMorgan pushed Banc of America, March's leader, into second position. Banc of America had in turn knocked Deutsche Bank, February's number one arranger, into second place in March.
However JPMorgan now has a substantial lead of more than $3 billion.
Contributing to JPMorgan's strong performance were Delphi Corp.'s new $4.1 billion debtor-in-possession facility, Kinetic Concepts Inc.'s $1.3 billion facility jointly arranged with Banc of America and Gavilon LLC's $1.5 billion revolver jointly with BNP Paribas.
JPMorgan was also the leading arranger for April, as it had been in March.
Total issuance for April was $18.55 billion, a substantial improvement from March's $9.48 billion although far below - a quarter of - the $73.22 billion of April 2007.
Year-to-date issuance is now $86.84 billion, 31% of the $278.50 billion for the same period of 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 | JPMorgan | 14.146 | 25 | 16.29% | 1 | 53.094 | 77 | 19.06%
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| 2 | Banc of America | 10.851 | 26 | 12.49% | 2 | 37.795 | 73 | 13.57%
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| 3 | Deutsche Bank | 9.030 | 11 | 10.40% | 6 | 20.612 | 36 | 7.40%
|
| 4 | Citigroup | 5.155 | 8 | 5.94% | 4 | 24.802 | 45 | 8.91%
|
| 5 | Goldman Sachs | 4.536 | 8 | 5.22% | 5 | 24.794 | 57 | 8.90%
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| 6 | GECC | 4.473 | 26 | 5.15% | 13 | 3.562 | 18 | 1.28%
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| 7 | Credit Suisse | 4.268 | 11 | 4.92% | 3 | 26.644 | 76 | 9.57%
|
| 8 | Wachovia | 3.904 | 17 | 4.50% | 9 | 10.599 | 32 | 3.81%
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| 9 | Morgan Stanley | 3.361 | 7 | 3.87% | 10 | 8.487 | 21 | 3.05%
|
| 10 | Lehman | 2.472 | 7 | 2.85% | 8 | 13.989 | 34 | 5.02%
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| Total | 86.840 | 172 | 278.496 | 396 |
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| Average size: | 0.505 | 0.703 |
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| April
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| | | | | 2007 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | JPMorgan | 6.508 | 9 | 35.08% | 3 | 10.491 | 15 | 14.33%
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| 2 | Banc of America | 1.987 | 7 | 10.71% | 2 | 10.650 | 19 | 14.55%
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| 3 | Credit Suisse | 0.997 | 2 | 5.37% | 7 | 5.035 | 16 | 6.88%
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| 4 | Wachovia | 0.841 | 3 | 4.54% | 9 | 3.480 | 11 | 4.75%
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| 5 | Deutsche Bank | 0.765 | 3 | 4.12% | 5 | 5.497 | 8 | 7.51%
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| 6 | BNP Paribas | 0.750 | 1 | 4.04% | 19 | 0.320 | 1 | 0.44%
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| 7 | GMAC | 0.750 | 1 | 4.04% | 24 | 0.150 | 1 | 0.20%
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| 8 | GECC | 0.664 | 5 | 3.58% | 12 | 1.427 | 6 | 1.95%
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| 9 | Goldman Sachs | 0.637 | 2 | 3.43% | 4 | 6.668 | 11 | 9.11%
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| 10 | RBS | 0.315 | 1 | 1.70% |
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| Total | 18.551 | 38 | 73.217 | 90 |
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| Average size: | 0.488 | 0.814 |
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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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