• Leveraged loan issuance surges to $26.09 billion for March
New York, March 31 - Bank of America continued at the top of the leveraged loan league tables in March, heading the year-to-date rankings with a total of $11.70 billion so far in 2010, according to data compiled by Prospect News.
Bank of America has been number one every month so far this year and also placed first for all of 2009.
JPMorgan continued in second position, notably narrowing Bank of America's lead.
For the year through February, the difference between the two was $2.7 billion. At the end of March it was down to $0.87 billion.
Issuance volume surged in March to $26.09 billion, nearly double February's $14.59 billion and the best level since the $45.04 billion in June 2009 when General Motors Corp.'s $33.3 billion debtor-in-possession facility boosted the monthly total. Excluding that month, the last time issuance was higher was July 2008, which saw $27.69 billion.
The year-to-date total is now $61.49 billion, almost three times the $21.91 billion at the same stage in 2009.
For March, JPMorgan led the rankings of lead arrangers, followed by Bank of America and Deutsche Bank.
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
2009 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 11.697 | 43 | 19.02% | 2 | 2.021 | 16 | 9.23%
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| 2 | JPMorgan | 10.827 | 35 | 17.61% | 4 | 1.400 | 7 | 6.39%
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| 3 | Deutsche Bank | 6.769 | 16 | 11.01% | 3 | 1.450 | 2 | 6.62%
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| 4 | Barclays | 4.574 | 21 | 7.44% | 10 | 0.370 | 2 | 1.69%
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| 5 | Credit Suisse | 3.442 | 16 | 5.60% | 27 | 0.125 | 1 | 0.57%
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| 6 | Wells Fargo | 2.416 | 10 | 3.93% | 8 | 0.606 | 6 | 2.77%
|
| 7 | Citigroup | 2.075 | 8 | 3.38% | 6 | 0.875 | 3 | 3.99%
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| 8 | Morgan Stanley | 1.943 | 6 | 3.16% |
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| 9 | Goldman Sachs | 1.365 | 4 | 2.22% |
|
| 10 | RBC | 1.299 | 7 | 2.11% |
|
| Total | 61.485 | 128 | 21.909 | 60 |
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| Average size: | 0.480 | 0.365 |
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| March
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| | | | | 2009 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 5.369 | 15 | 20.58% | 4 | 0.384 | 2 | 6.46%
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| 2 | Bank of America | 3.457 | 12 | 13.25% | 2 | 0.705 | 6 | 11.87%
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| 3 | Deutsche Bank | 3.134 | 9 | 12.01% |
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| 4 | Credit Suisse | 1.871 | 9 | 7.17% |
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| 5 | Morgan Stanley | 1.718 | 5 | 6.59% |
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| 6 | Barclays | 1.518 | 7 | 5.82% | 5 | 0.370 | 2 | 6.23%
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| 7 | Wells Fargo | 1.367 | 5 | 5.24% | 6 | 0.276 | 3 | 4.65%
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| 8 | Bank of Tokyo-Mitsubishi | 1.150 | 1 | 4.41% |
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| 9 | Citigroup | 0.863 | 4 | 3.31% | 3 | 0.650 | 2 | 10.95%
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| 10 | Jefferies | 0.703 | 5 | 2.70% |
|
| Total | 26.090 | 51 | 5.936 | 23 |
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| Average size: | 0.512 | 0.258 |
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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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