• Leveraged loan issuance totals $92.58 billion for 2009 to date
New York, June 30 - General Motors Corp.'s $33.3 billion debtor-in-possession facility shook up the league tables of leveraged loan arrangers, pushing the U.S. Treasury and Export Development Canada to the top, according to data compiled by Prospect News.
That loan also accounted for the vast majority of market activity in May, which totaled $43.35 billion.
The GM DIP facility was the second major loan from the U.S. Treasury and Export Development Canada this year, the two governments having previously supplied $4.96 billion to Chrysler LLC.
Taking third place in the league tables was UBS with $8.46 billion, pushed down from number one the month before, with its dollar amount unchanged.
Even with the GM loan, year-to-date volume is still far behind last year's activity, at $92.58 billion versus $160.92 billion.
For June the total was $43.35 billion, but excluding GM it would be just $10.1 billion, just over a quarter of the $39.02 billion in June 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 | U.S. Treasury | 19.130 | 2 | 20.66% |
|
| 2 | Export Development Canada | 19.130 | 2 | 20.66% |
|
| 3 | UBS | 8.455 | 3 | 9.13% | 10 | 5.446 | 9 | 3.38%
|
| 4 | JPMorgan | 7.409 | 27 | 8.00% | 3 | 14.719 | 47 | 9.15%
|
| 5 | Banc of America | 7.118 | 43 | 7.69% | 1 | 20.702 | 63 | 12.87%
|
| 6 | GECC | 3.594 | 20 | 3.88% | 8 | 6.144 | 34 | 3.82%
|
| 7 | Citigroup | 3.470 | 11 | 3.75% | 4 | 11.085 | 14 | 6.89%
|
| 8 | Wachovia | 3.269 | 18 | 3.53% | 11 | 5.207 | 26 | 3.24%
|
| 9 | Deutsche Bank | 2.483 | 7 | 2.68% | 2 | 15.141 | 15 | 9.41%
|
| 10 | WFC | 2.417 | 15 | 2.61% | 18 | 2.282 | 12 | 1.42%
|
| Total | 92.578 | 172 | 160.918 | 294 |
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| Average size: | 0.538 | 0.547 |
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| Second quarter
|
| | | | | 2008 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | U.S. Treasury | 19.130 | 2 | 27.07% |
|
| 2 | Export Development Canada | 19.130 | 2 | 27.07% |
|
| 3 | JPMorgan | 6.009 | 20 | 8.50% | 2 | 10.106 | 32 | 10.19%
|
| 4 | Banc of America | 5.096 | 27 | 7.21% | 1 | 11.839 | 44 | 11.93%
|
| 5 | Citigroup | 2.595 | 8 | 3.67% | 3 | 8.955 | 7 | 9.03%
|
| 6 | Wachovia | 2.589 | 12 | 3.66% | 12 | 2.576 | 13 | 2.60%
|
| 7 | GECC | 2.436 | 13 | 3.45% | 13 | 2.334 | 13 | 2.35%
|
| 8 | WFC | 1.811 | 9 | 2.56% | 17 | 1.318 | 6 | 1.33%
|
| 9 | Deutsche Bank | 1.033 | 5 | 1.46% | 5 | 6.876 | 7 | 6.93%
|
| 10 | Credit Suisse | 0.975 | 6 | 1.38% | 7 | 5.310 | 13 | 5.35%
|
| Total | 70.669 | 112 | 99.215 | 163 |
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| Average size: | 0.631 | 0.609 |
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| June
|
| | | | | 2008 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | U.S. Treasury | 16.650 | 1 | 38.41% |
|
| 2 | Export Development Canada | 16.650 | 1 | 38.41% |
|
| 3 | JPMorgan | 1.363 | 4 | 3.14% | 6 | 2.339 | 10 | 5.99%
|
| 4 | Citigroup | 0.970 | 3 | 2.24% | 1 | 6.755 | 5 | 17.31%
|
| 5 | GECC | 0.825 | 6 | 1.90% | 12 | 0.838 | 5 | 2.15%
|
| 6 | Banc of America | 0.787 | 8 | 1.81% | 4 | 3.294 | 17 | 8.44%
|
| 7 | Rabo | 0.700 | 2 | 1.61% |
|
| 8 | Barclays | 0.625 | 3 | 1.44% | 7 | 2.021 | 4 | 5.18%
|
| 9 | Goldman Sachs | 0.617 | 2 | 1.42% | 8 | 0.995 | 3 | 2.55%
|
| 10 | Credit Suisse | 0.552 | 3 | 1.27% | 5 | 2.679 | 6 | 6.87%
|
| Total | 43.348 | 41 | 39.020 | 62 |
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| Average size: | 1.057 | 0.629 |
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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.
• 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.
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