• Leveraged loan issuance totals $161.73 billion year to date
New York, June 30 - Banc of America held on to its title of No. 1 lead arranger of leveraged loans for the year so far, according to data compiled by Prospect News.
Banc of America had been top for the year through March, but JPMorgan pushed ahead in April. BofA regained the title in May and now has held it for a second month.
BofA was also the leading bank for the second quarter, although Citigroup came first for the month of June.
Issuance for the most recent month held close to May's stronger level, at $38.50 billion for June, down slightly from $41.15 billion in May, but around double the $20.10 billion for April and way ahead of the $9.48 billion in March.
Behind May, June is the second strongest month for 2008 so far.
However June's activity was only a little over a third of the $106.72 billion recorded in the same month a year earlier.
Year-to-date volume now totals $161.73 billion, just over a third of the $444.52 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 | Banc of America | 20.102 | 59 | 12.43% | 2 | 57.794 | 113 | 13.00%
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| 2 | Deutsche Bank | 15.134 | 15 | 9.36% | 6 | 25.988 | 54 | 5.85%
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| 3 | JPMorgan | 14.577 | 46 | 9.01% | 1 | 81.073 | 132 | 18.24%
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| 4 | Citigroup | 11.085 | 14 | 6.85% | 4 | 36.671 | 73 | 8.25%
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| 5 | Morgan Stanley | 10.623 | 15 | 6.57% | 12 | 11.570 | 31 | 2.60%
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| 6 | Goldman Sachs | 9.826 | 17 | 6.08% | 5 | 34.733 | 79 | 7.81%
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| 7 | Credit Suisse | 8.500 | 22 | 5.26% | 3 | 42.644 | 112 | 9.59%
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| 8 | Wachovia | 6.577 | 24 | 4.07% | 9 | 19.043 | 50 | 4.28%
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| 9 | GECC | 6.034 | 33 | 3.73% | 14 | 5.770 | 29 | 1.30%
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| 10 | GMAC | 5.450 | 4 | 3.37% | 60 | 0.150 | 1 | 0.03%
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| Total | 161.726 | 285 | 444.524 | 626 |
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| Average size: | 0.567 | 0.710 |
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| Second quarter
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| | | | | 2007 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Banc of America | 11.239 | 40 | 11.27% | 2 | 30.650 | 59 | 12.81%
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| 2 | JPMorgan | 9.964 | 31 | 9.99% | 1 | 38.469 | 70 | 16.08%
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| 3 | Citigroup | 8.955 | 7 | 8.98% | 3 | 23.148 | 42 | 9.68%
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| 4 | Morgan Stanley | 7.447 | 9 | 7.47% | 12 | 4.618 | 14 | 1.93%
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| 5 | Deutsche Bank | 6.869 | 7 | 6.89% | 10 | 10.872 | 26 | 4.54%
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| 6 | Goldman Sachs | 5.927 | 11 | 5.94% | 6 | 16.607 | 33 | 6.94%
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| 7 | Credit Suisse | 5.228 | 13 | 5.24% | 4 | 21.034 | 52 | 8.79%
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| 8 | UBS | 5.205 | 8 | 5.22% | 9 | 11.568 | 34 | 4.84%
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| 9 | GMAC | 4.700 | 3 | 4.71% | 50 | 0.150 | 1 | 0.06%
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| 10 | Wachovia | 3.911 | 11 | 3.92% | 8 | 11.923 | 29 | 4.98%
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| Total | 99.758 | 153 | 239.245 | 320 |
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| Average size: | 0.652 | 0.748 |
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| June |
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| | | | | 2007 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Citigroup | 6.755 | 5 | 17.54% | 5 | 8.271 | 15 | 7.75%
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| 2 | Morgan Stanley | 6.158 | 4 | 15.99% | 11 | 2.651 | 9 | 2.48%
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| 3 | Deutsche Bank | 5.724 | 2 | 14.87% | 13 | 1.802 | 7 | 1.69%
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| 4 | Banc of America | 2.762 | 14 | 7.17% | 4 | 8.841 | 21 | 8.28%
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| 5 | Credit Suisse | 2.400 | 5 | 6.23% | 3 | 9.250 | 17 | 8.67%
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| 6 | JPMorgan | 2.197 | 9 | 5.71% | 2 | 15.066 | 26 | 14.12%
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| 7 | Barclays | 2.021 | 4 | 5.25% | 16 | 1.297 | 3 | 1.21%
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| 8 | Wachovia | 1.627 | 5 | 4.23% | 6 | 7.277 | 11 | 6.82%
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| 9 | Goldman Sachs | 0.995 | 3 | 2.58% | 7 | 7.003 | 15 | 6.56%
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| 10 | RBS | 0.910 | 2 | 2.36% | 14 | 1.700 | 3 | 1.59%
|
| Total | 38.504 | 53 | 106.723 | 130 |
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| Average size: | 0.726 | 0.821 |
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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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