• Leveraged loan issuance totals $13.56 billion for May
New York, May 31 - UBS was once more the top arranger of leveraged loans for the year so far, according to data compiled by Prospect News.
Once again the tables were dominated by debtor-in-possession facilities, a class of financing that propelled UBS to the number-one spot and, thanks to the loan to see Chrysler LLC through Chapter 11, pushed the U.S. Treasury and Export Development Canada into the top 10 arrangers.
Total activity for the month was similar to April's at $13.56 billion versus $13.18 billion the month before.
While that is better than the months before, it is still well down on year-ago volume. By comparison, May 2008 saw $40.11 billion of new leveraged loans.
Year-to-date issuance at $48.66 billion is just 40% of the $121.90 billion for the comparable period of last year.
Among the top 10 banks, UBS and Banc of America remained at number one and number two, respectively, unchanged from a month ago. JPMorgan moved up to third, pushing Wachovia down to fourth. General Electric Capital Corp. held steady at fifth.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers. Totals for Wachovia and Wells Fargo have been combined.
Year to date
2008 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | UBS | 8.455 | 3 | 17.38% | 8 | 4.913 | 6 | 4.03%
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| 2 | Banc of America | 6.300 | 35 | 12.95% | 1 | 17.408 | 46 | 14.28%
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| 3 | JPMorgan | 5.134 | 21 | 10.55% | 2 | 12.380 | 37 | 10.16%
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| 4 | Wachovia | 4.857 | 27 | 9.98% | 5.764 | 28 | 4.73%
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| 5 | GECC | 2.580 | 13 | 5.30% | 6 | 5.305 | 29 | 4.35%
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| 6 | U.S. Treasury | 2.480 | 1 | 5.10% |
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| 6 | Export Development Canada | 2.480 | 1 | 5.10% |
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| 8 | Deutsche Bank | 2.033 | 5 | 4.18% | 3 | 9.410 | 13 | 7.72%
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| 9 | Citigroup | 1.718 | 7 | 3.53% | 10 | 4.330 | 9 | 3.55%
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| 10 | BNP Paribas | 0.775 | 3 | 1.59% | 15 | 2.014 | 5 | 1.65%
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| Total | 48.655 | 130 | 121.899 | 232 |
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| Average size: | 0.374 | 0.525 |
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| May
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| | | | | 2008 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Export Development Canada | 2.480 | 1 | 18.28% |
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| 1 | U.S. Treasury | 2.480 | 1 | 18.28% |
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| 3 | Banc of America | 1.202 | 7 | 8.86% | 1 | 5.958 | 18 | 14.85%
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| 4 | JPMorgan | 0.858 | 4 | 6.33% | 7 | 3.084 | 12 | 7.69%
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| 5 | BNP Paribas | 0.630 | 2 | 4.64% | 30 | 0.113 | 1 | 0.28%
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| 6 | Deutsche Bank | 0.583 | 3 | 4.30% | 19 | 0.380 | 2 | 0.95%
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| 7 | Wachovia | 0.648 | 2 | 4.78% | 0.434 | 3 | 2.12%
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| 8 | Citigroup | 0.458 | 3 | 3.38% | 25 | 0.150 | 1 | 0.37%
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| 9 | GECC | 0.358 | 3 | 2.65% | 11 | 0.770 | 2 | 1.92%
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| 10 | HSBC | 0.333 | 1 | 2.46% |
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| Total | 13.563 | 27 | 40.109 | 56 |
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| Average size: | 0.502 | 0.716 |
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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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