• Leveraged loan issuance totals $172.93 billion for 2009 to date
New York, Nov. 30 - Bank of America remained the number one leveraged loan arranger for the year to date, according to data compiled by Prospect News.
B of A had moved up to the top position for the year so far in October, helped by its role as lead arranger of the new $4.5 billion term loan for CIT Group, Inc.
The bank's year-to-date total is now $24.31 billion, a 14.05% share of the total.
Previously the rankings for 2009 had been dominated by two government lenders, the U.S. Treasury and Export Development Canada, the lenders on General Motors Corp.'s $33.3 billion debtor-in-possession credit facility. The size of GM's borrowings ensured the Treasury and Export Development have led the arranger league tables for the months since the facility was put in place in June.
Meanwhile JPMorgan remained in fourth position but Wells Fargo moved up to number five, pushing UBS down to sixth place.
For November, JPMorgan placed first with $4.48 billion in 13 deals, ahead of Bank of America with $3.22 billion in 10 deals.
Activity for the month was vigorous at $24.53 billion, up from $21.04 billion in October and the biggest month of the year for new deals, apart from June, when the total was boosted by the GM DIP facility.
By number of deals, however, November's 76 was the largest of 2009.
November also saw more issuance than the same month a year earlier, when there was $15.28 billion of new leveraged loans.
However the year-to-date total of $172.93 billion is still lagging the comparable figure of $249.13 billion for the same period of 2008, just 69% as much.
The Prospect News figures cover dollar-denominated deals in the United States for borrowers with $75 million or more of bank debt outstanding. DIP facilities are included. Credit for deals is divided among the lead arrangers.
Year to date
2008 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 24.305 | 104 | 14.05% | 1 | 32.136 | 122 | 12.90%
|
| 2 | Export Development Canada | 19.168 | 3 | 11.08% |
|
| 3 | U.S. Treasury | 19.130 | 2 | 11.06% |
|
| 4 | JPMorgan | 18.367 | 70 | 10.62% | 2 | 28.267 | 84 | 11.35%
|
| 5 | Wells Fargo | 10.172 | 62 | 5.89% | 12 | 5.893 | 29 | 2.37%
|
| 6 | UBS | 8.964 | 8 | 5.18% | 10 | 7.270 | 14 | 2.92%
|
| 7 | Barclays | 7.281 | 21 | 4.21% | 17 | 4.332 | 16 | 1.74%
|
| 8 | Citigroup | 6.633 | 20 | 3.84% | 5 | 14.393 | 26 | 5.78%
|
| 9 | Deutsche Bank | 6.570 | 25 | 3.80% | 3 | 19.953 | 26 | 8.01%
|
| 10 | GECC | 6.117 | 37 | 3.54% | 8 | 10.661 | 60 | 4.28%
|
| Total | 172.930 | 351 | 249.128 | 536 |
|
|
|
| Average size: | 0.493 | 0.465 |
|
|
|
|
|
| November
|
| | | | | 2008 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 4.481 | 13 | 18.27% | 1 | 5.650 | 3 | 36.98%
|
| 2 | Bank of America | 3.221 | 10 | 13.13% | 2 | 1.576 | 14 | 10.31%
|
| 3 | Morgan Stanley | 2.334 | 4 | 9.51% |
|
| 4 | Barclays | 1.751 | 6 | 7.14% |
|
| 5 | Wells Fargo | 1.582 | 6 | 6.45% | 8 | 0.634 | 4 | 4.15%
|
| 6 | Deutsche Bank | 1.294 | 4 | 5.27% | 7 | 0.667 | 2 | 4.37%
|
| 7 | Goldman Sachs | 1.233 | 3 | 5.03% |
|
| 8 | Citigroup | 1.033 | 2 | 4.21% | 5 | 0.860 | 3 | 5.63%
|
| 9 | HSBC | 1.008 | 2 | 4.11% |
|
| 10 | BNP Paribas | 1.01 | 3 | 4.10% |
|
| Total | 24.530 | 42 | 15.279 | 36 |
|
|
|
| Average size: | 0.584 | 0.424 |
|
|
|
|
|
| Prospect News Leveraged Loan Arranger Rankings
|
|
|
Criteria
• The tables include dollar-denominated deals offered in the United States and reported to Prospect News.
• All deals from issuers with $75 million or more total bank debt outstanding (including unused portions of revolvers)
• 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.
© 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.
