• Leveraged loan issuance totals $10.50 billion for January
New York, Jan. 30 - Banc of America started 2009 as it finished 2008 - as the top arranger of leveraged loans, according to data compiled by Prospect News.
However market activity remained depressed, and most of the month's volume came from debtor-in-possession facilities. In fact, one transaction, Lyondell Chemical Co.'s $8.015 billion DIP facility, made up 76% of the total.
Issuance for the month was $10.50 billion, up from $5.97 billion in December but below every other month in 2008 except March and smaller than any month in 2007 or 2006.
Banc of America accounted for $1.96 billion of the total, its number also including deals via Merrill Lynch, which B of A acquired.
Banc of America was the number one arranger for 2008 as a whole.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
Year to date
2008 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Banc of America | 1.960 | 4 | 18.66% | 2 | 6.459 | 7 | 17.65%
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| 2 | Citigroup | 1.603 | 1 | 15.26% | 7 | 1.627 | 4 | 4.45%
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| 2 | UBS | 1.603 | 1 | 15.26% |
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| 2 | Goldman Sachs | 1.603 | 1 | 15.26% | 5 | 2.300 | 2 | 6.29%
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| 2 | ABN | 1.603 | 1 | 15.26% |
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| 6 | JPMorgan | 0.442 | 2 | 4.20% | 6 | 1.927 | 4 | 5.27%
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| 7 | Deutsche Bank | 0.375 | 1 | 3.57% | 1 | 7.525 | 5 | 20.56%
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| 8 | Wells Fargo | 0.290 | 2 | 2.76% |
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| 9 | PNC | 0.257 | 2 | 2.45% | 31 | 0.075 | 1 | 0.20%
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| 10 | Wachovia | 0.227 | 2 | 2.16% | 11 | 1.183 | 4 | 3.23%
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| Total | 10.504 | 14 | 36.593 | 47 |
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| Average size: | 0.750 | 0.779 |
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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 they are rated speculative-grade by Moody's Investors Service or Standard & Poor's or, if unrated, the interest rate margin is 150 bps or higher.
• 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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