• Leveraged loan issuance totals $5.38 billion for March
New York, March 31 - UBS is the top arranger of leveraged loans for the year so far, according to data compiled by Prospect News.
However its position at the number one position is almost wholly due to its role as sole lead arranger of Lyondell Chemical Co.'s $8.02 billion debtor-in-possession facility.
That loan, in fact, accounts for 38% of the $21.36 billion year-to-date volume of leveraged loans.
Total issuance for the year so far is just 35% of the amount for the same period last year.
Activity in March remained severely depressed, with just $5.38 billion for the month. That is marginally higher than $5.12 billion in February but only half January's $10.86 billion and smaller than any month in 2008.
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
|
| 1 | UBS | 8.055 | 2 | 37.72% | 38 | 0.200 | 1 | 0.32%
|
| 2 | Banc of America | 1.643 | 14 | 7.69% | 1 | 8.864 | 19 | 14.40%
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| 3 | Deutsche Bank | 1.450 | 2 | 6.79% | 2 | 8.265 | 8 | 13.42%
|
| 4 | JPMorgan | 1.117 | 6 | 5.23% | 3 | 4.614 | 15 | 7.49%
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| 5 | GECC | 1.018 | 6 | 4.77% | 5 | 3.809 | 21 | 6.19%
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| 6 | Wachovia | 0.680 | 6 | 3.19% | 8 | 2.667 | 13 | 4.33%
|
| 7 | Citigroup | 0.625 | 2 | 2.93% | 10 | 2.130 | 7 | 3.46%
|
| 8 | WFC | 0.606 | 6 | 2.84% | 16 | 0.964 | 6 | 1.57%
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| 9 | Liberty Media Corp. | 0.430 | 1 | 2.01% |
|
| 10 | Barclays | 0.370 | 2 | 1.73% | 11 | 1.371 | 3 | 2.23%
|
| Total | 21.355 | 59 | 61.568 | 131 |
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| Average size: | 0.362 | 0.470 |
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| March
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| | | | | 2008 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | GECC | 0.893 | 5 | 16.60% | 3 | 0.976 | 7 | 10.29%
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| 2 | Citigroup | 0.400 | 1 | 7.43% | 12 | 0.250 | 1 | 2.64%
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| 3 | Barclays | 0.370 | 2 | 6.88% |
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| 4 | Banc of America | 0.326 | 4 | 6.06% | 2 | 1.105 | 5 | 11.66%
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| 5 | None/Unknown | 0.326 | 2 | 6.05% |
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| 6 | WFC | 0.276 | 3 | 5.13% | 17 | 0.109 | 1 | 1.15%
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| 7 | SunTrust | 0.250 | 1 | 4.65% |
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| 8 | Standard Bank | 0.145 | 1 | 2.69% |
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| 9 | Bank of Scotland | 0.145 | 1 | 2.69% |
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| 10 | Calyon | 0.145 | 1 | 2.69% | 28 | 0.036 | 1 | 0.38%
|
| Total | 5.381 | 22 | 9.480 | 38 |
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| Average size: | 0.245 | 0.249 |
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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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