• Leveraged loan issuance totals $114.18 billion for 2009 to date
New York, Aug. 31 - The two government lenders on General Motors Corp.'s $33.3 billion debtor-in-possession credit facility remained unchallenged at the top of the league tables of leveraged loan arrangers while Bank of America moved up to third place, according to data compiled by Prospect News.
The U.S. Treasury and Export Development Canada remain far in the lead, taking the first two positions. Their dollar amount of deals arranged is about two-thirds more than any other lender.
Meanwhile Bank of America pushed up to third place, with $11.60 billion of loans so far this year. It placed first in August with $2.19 billion of new deals.
JPMorgan, in third place the previous month, slipped to fourth position. UBS remained number five.
Total issuance for the month slipped to $7.81 billion in August, down from $12.48 billion in July. It was also below the sum of $11.31 billion for August 2008.
Year-to-date activity remains well below last year's level, at $114.18 billion for the first eight months of this year compared to $199.88 billion for the same period of 2008, a 43% decline.
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 | 16.75% |
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| 2 | Export Development Canada | 19.130 | 2 | 16.75% |
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| 3 | Bank of America | 11.604 | 68 | 10.16% | 1 | 25.237 | 85 | 12.63%
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| 4 | JPMorgan | 10.247 | 45 | 8.97% | 2 | 19.266 | 66 | 9.64%
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| 5 | UBS | 8.652 | 5 | 7.58% | 11 | 5.446 | 9 | 2.72%
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| 6 | Wells Fargo | 7.047 | 44 | 6.17% | 14 | 4.528 | 18 | 2.27%
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| 7 | Barclays | 4.739 | 11 | 4.15% | 16 | 3.995 | 13 | 2.00%
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| 8 | GECC | 4.558 | 26 | 3.99% | 8 | 8.529 | 47 | 4.27%
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| 9 | Deutsche Bank | 3.946 | 14 | 3.46% | 3 | 17.084 | 21 | 8.55%
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| 10 | Citigroup | 3.835 | 13 | 3.36% | 5 | 12.588 | 18 | 6.30%
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| Total | 114.178 | 229 | 199.883 | 403 |
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| Average size: | 0.499 | 0.496 |
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| August
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| | | | | 2008 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Banc of America | 2.185 | 9 | 27.97% | 1 | 2.568 | 10 | 22.71%
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| 2 | Credit Suisse | 1.375 | 1 | 17.60% | 9 | 0.295 | 2 | 2.61%
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| 3 | Rabo | 0.825 | 1 | 10.56% |
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| 4 | CoBank | 0.825 | 1 | 10.56% |
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| 5 | JPMorgan | 0.543 | 5 | 6.95% | 4 | 0.768 | 6 | 6.79%
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| 6 | GECC | 0.434 | 2 | 5.55% | 3 | 0.934 | 6 | 8.27%
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| 7 | Deutsche Bank | 0.293 | 3 | 3.75% | 15 | 0.235 | 2 | 2.08%
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| 8 | Keybank | 0.290 | 2 | 3.71% |
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| 9 | Wells Fargo | 0.281 | 3 | 3.59% | 12 | 0.275 | 2 | 2.43%
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| 10 | Foothill | 0.219 | 2 | 2.81% | 27 | 0.065 | 1 | 0.57%
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| Total | 7.812 | 20 | 11.306 | 41 |
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| Average size: | 0.391 | 0.276
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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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