• Leveraged loan issuance totals $185.45 billion year to date
New York, July 31 - Banc of America was once more the top 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 third month.
However Goldman Sachs placed first for the month of July.
Issuance eased to $25.35 billion from June's $38.17 billion but remained in line with the year's monthly average of $26.5 billion.
It was well below the $36.68 billion recorded in July 2007, even though that was the month in which credit problems began to bite in the leveraged markets.
Year-to-date loan activity now stands at $185.45 billion, just 38.5% of the $481.19 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 | 22.309 | 73 | 12.03% | 2 | 59.959 | 120 | 12.46%
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| 2 | JPMorgan | 18.113 | 58 | 9.77% | 1 | 85.686 | 143 | 17.81%
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| 3 | Deutsche Bank | 16.846 | 19 | 9.08% | 6 | 27.523 | 57 | 5.72%
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| 4 | Goldman Sachs | 15.676 | 19 | 8.45% | 5 | 36.129 | 82 | 7.51%
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| 5 | Morgan Stanley | 11.417 | 17 | 6.16% | 12 | 12.342 | 34 | 2.56%
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| 6 | Citigroup | 11.363 | 16 | 6.13% | 3 | 46.371 | 86 | 9.64%
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| 7 | Credit Suisse | 9.713 | 27 | 5.24% | 4 | 44.732 | 127 | 9.30%
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| 8 | Wachovia | 7.276 | 33 | 3.92% | 9 | 20.854 | 58 | 4.33%
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| 9 | GECC | 6.963 | 39 | 3.75% | 13 | 8.297 | 36 | 1.72%
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| 10 | GMAC | 5.450 | 4 | 2.94% | 61 | 0.150 | 1 | 0.03%
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| Total | 185.446 | 351 | 481.190 | 714 |
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| Average size: | 0.528 | 0.674 |
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| July
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| | | | | 2007 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Goldman Sachs | 5.850 | 2 | 23.08% | 8 | 1.400 | 3 | 3.82%
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| 2 | JPMorgan | 3.394 | 11 | 13.39% | 2 | 4.618 | 11 | 12.59%
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| 3 | Wachovia | 2.223 | 8 | 8.77% | 6 | 1.812 | 8 | 4.94%
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| 4 | WFC | 1.968 | 4 | 7.77% | 35 | 0.040 | 1 | 0.11%
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| 5 | Deutsche Bank | 1.705 | 4 | 6.72% | 7 | 1.535 | 3 | 4.19%
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| 6 | Banc of America | 1.624 | 10 | 6.41% | 4 | 2.165 | 7 | 5.90%
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| 7 | Credit Suisse | 1.401 | 6 | 5.53% | 5 | 2.088 | 15 | 5.69%
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| 8 | BNP Paribas | 1.244 | 5 | 4.91% | 15 | 0.551 | 4 | 1.50%
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| 9 | GECC | 0.819 | 5 | 3.23% | 3 | 2.527 | 7 | 6.89%
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| 10 | Morgan Stanley | 0.794 | 2 | 3.13% | 14 | 0.772 | 3 | 2.10%
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| Total | 25.348 | 60 | 36.676 | 88 |
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| Average size: | 0.422 | 0.417 |
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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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