• Leveraged loan issuance totals $125.04 billion for 2009 to date
New York, Sept. 30 - The two government lenders on General Motors Corp.'s $33.3 billion debtor-in-possession credit facility once again held firm at the top of the league tables of leveraged loan arrangers, but Bank of America continued to narrow the gap as it ranked top for the third quarter and September, according to data compiled by Prospect News.
The U.S. Treasury and Export Development Canada are still significantly ahead of all other lenders, taking the first two positions.
But Bank of America, in third place, is now at a total of $13.97 billion for the year so far after bringing $3.36 billion to market in nine deals in September. It also placed first in August.
JPMorgan remained in fourth position while UBS held steady at number five.
Activity in September rebounded to $12.05 billion, up from $6.39 billion in August and in line with July's $12.72 billion.
It was, however, markedly below the $20.52 billion of September last year.
Year-to-date activity now totals $125.04 billion, 57% of the $220.40 billion for the comparable period of 2008.
The Prospect News figures cover dollar-denominated deals in the United States for borrowers with $75 million or more of bank debt outstanding. Debtor-in-possession 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 | U.S. Treasury | 19.130 | 2 | 15.30% |
|
| 1 | Export Development Canada | 19.130 | 2 | 15.30% |
|
| 3 | Banc of America | 13.972 | 78 | 11.17% | 1 | 29.196 | 99 | 13.25%
|
| 4 | JPMorgan | 11.681 | 50 | 9.34% | 2 | 21.617 | 73 | 9.81%
|
| 5 | UBS | 8.652 | 5 | 6.92% | 10 | 6.330 | 10 | 2.87%
|
| 6 | Wells Fargo | 7.830 | 47 | 6.10% | 14 | 4.784 | 21 | 2.17%
|
| 7 | Citigroup | 5.405 | 16 | 4.32% | 5 | 13.025 | 20 | 5.91%
|
| 8 | GECC | 5.161 | 30 | 4.13% | 8 | 9.342 | 52 | 4.24%
|
| 9 | Barclays | 4.949 | 12 | 3.96% | 16 | 3.995 | 13 | 1.81%
|
| 10 | Deutsche Bank | 4.231 | 16 | 3.38% | 3 | 19.161 | 23 | 8.69%
|
| Total | 125.043 | 259 | 220.403 | 448 |
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| Average size: | 0.483 | 0.492 |
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| Third quarter
|
| | | | | 2008 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 6.026 | 29 | 19.34% | 1 | 8.493 | 36 | 14.28%
|
| 2 | JPMorgan | 4.102 | 21 | 13.17% | 2 | 6.898 | 26 | 11.60%
|
| 3 | Barclays | 3.728 | 5 | 11.97% | 21 | 0.496 | 5 | 0.83%
|
| 4 | Citigroup | 1.877 | 5 | 6.03% | 11 | 1.940 | 6 | 3.26%
|
| 5 | Wells Fargo | 1.778 | 13 | 5.71% | 9 | 2.502 | 9 | 4.21%
|
| 6 | Deutsche Bank | 1.648 | 8 | 5.29% | 4 | 4.019 | 8 | 6.76%
|
| 7 | GECC | 1.534 | 9 | 4.92% | 6 | 3.199 | 18 | 5.38%
|
| 8 | Credit Suisse | 1.472 | 2 | 4.73% | 8 | 2.989 | 11 | 5.02%
|
| 9 | BMO | 0.833 | 2 | 2.68% | 16 | 0.613 | 5 | 1.03%
|
| 10 | Rabo | 0.783 | 2 | 2.51% |
|
| Total | 31.152 | 84 | 59.485 | 154 |
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| Average size: | 0.371 | 0.386 |
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|
| September
|
| | | | | 2008 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 3.359 | 9 | 27.88% | 1 | 3.959 | 14 | 19.29%
|
| 2 | Citigroup | 1.570 | 3 | 13.03% | 12 | 0.438 | 2 | 2.13%
|
| 3 | Credit Suisse | 1.375 | 1 | 11.41% | 5 | 1.191 | 2 | 5.80%
|
| 4 | JPMorgan | 1.100 | 4 | 9.13% | 2 | 2.351 | 7 | 11.46%
|
| 5 | GECC | 0.502 | 3 | 4.17% | 9 | 0.814 | 5 | 3.96%
|
| 6 | BNP Paribas | 0.417 | 2 | 3.46% | 19 | 0.250 | 1 | 1.22%
|
| 7 | TD | 0.325 | 1 | 2.70% | 10 | 0.521 | 1 | 2.54%
|
| 8 | RBC | 0.310 | 2 | 2.57% |
|
| 9 | Deutsche Bank | 0.285 | 2 | 2.37% | 3 | 2.077 | 2 | 10.12%
|
| 10 | Caisse de depot et placement du Quebec | 0.250 | 1 | 2.08% |
|
| Total | 12.047 | 26 | 20.520 | 45 |
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| Average size: | 0.463 | 0.456 |
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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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