• Leveraged loan issuance totals $47.85 billion in September
New York, Sept. 30 - Bank of America again took the top spot on the leveraged loan league tables as issuance surged to its highest monthly total in almost three years, according to data compiled by Prospect News.
September saw $47.85 billion of leveraged loans come to market, almost double August's $26.00 billion and the most since the $82.97 billion recorded in November 2007.
The third quarter total just topped the $100 billion mark at $100.92 billion.
Year to date, the leveraged loan market has seen $270.99 billion of new deals, a little more than double the $129.79 billion at the same stage of 2009.
Bank of America has now been number one in the year-to-date rankings every month this year. It also placed first for 2009.
So far in 2010, Bank of America has brought to market $53.53 billion of leveraged loans. Second placed JPMorgan's total is $39.07 billion while Deutsche Bank is fourth with $22.46 billion.
Barclays and Credit Suisse round out the top five. The top five rankings are unchanged from the month before.
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 | 53.528 | 181 | 19.75% | 3 | 14.639 | 84 | 11.28%
|
| 2 | JPMorgan | 39.070 | 126 | 14.42% | 4 | 14.489 | 52 | 11.16%
|
| 3 | Deutsche Bank | 22.462 | 61 | 8.29% | 10 | 4.279 | 17 | 3.30%
|
| 4 | Barclays | 17.726 | 70 | 6.54% | 6 | 5.674 | 14 | 4.37%
|
| 5 | Credit Suisse | 15.880 | 60 | 5.86% | 12 | 2.470 | 8 | 1.90%
|
| 6 | Wells Fargo | 14.222 | 72 | 5.25% | 9 | 4.380 | 30 | 3.38%
|
| 7 | Citigroup | 13.241 | 36 | 4.89% | 7 | 5.525 | 17 | 4.26%
|
| 8 | Morgan Stanley | 10.334 | 31 | 3.81% | 16 | 0.897 | 5 | 0.69%
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| 9 | Goldman Sachs | 8.426 | 31 | 3.11% | 19 | 0.690 | 3 | 0.53%
|
| 10 | GECC | 7.549 | 46 | 2.79% | 8 | 5.161 | 30 | 3.98%
|
| Total | 270.987 | 527 | 129.785 | 269 |
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| Average size: | 0.514 | 0.482 |
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| Third quarter
|
| | | | | 2009 Comparables |
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 16.702 | 62 | 16.55% | 2 | 6.823 | 35 | 18.94%
|
| 2 | JPMorgan | 11.406 | 43 | 11.30% | 1 | 6.911 | 23 | 19.18%
|
| 3 | Barclays | 7.821 | 24 | 7.75% | 3 | 4.454 | 7 | 12.36%
|
| 4 | Wells Fargo | 7.313 | 39 | 7.25% | 5 | 1.931 | 14 | 5.36%
|
| 5 | Deutsche Bank | 6.442 | 19 | 6.38% | 6 | 1.696 | 9 | 4.71%
|
| 6 | Credit Suisse | 6.198 | 23 | 6.14% | 8 | 1.522 | 2 | 4.23%
|
| 7 | Morgan Stanley | 5.145 | 14 | 5.10% | 13 | 0.522 | 3 | 1.45%
|
| 8 | Goldman Sachs | 5.073 | 16 | 5.03% | 25 | 0.190 | 2 | 0.53%
|
| 9 | Citigroup | 4.656 | 13 | 4.61% | 4 | 1.998 | 6 | 5.55%
|
| 10 | BNP | 3.382 | 10 | 3.35% | 12 | 0.537 | 3 | 1.49%
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| Total | 100.916 | 194 | 36.022 | 93 |
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| Average size: | 0.52 | 0.387 |
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| September
|
| | | | | 2009 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Bank of America | 7.948 | 26 | 16.61% | 1 | 3.932 | 14 | 24.41%
|
| 2 | Deutsche Bank | 5.148 | 15 | 10.76% | 8 | 0.372 | 3 | 2.31%
|
| 3 | JPMorgan | 4.341 | 13 | 9.07% | 2 | 3.908 | 6 | 24.26%
|
| 4 | Barclays | 3.663 | 12 | 7.66% | 15 | 0.243 | 1 | 1.51%
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| 5 | Morgan Stanley | 2.938 | 9 | 6.14% |
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| 6 | Goldman Sachs | 2.723 | 10 | 5.69% | 16 | 0.190 | 2 | 1.18%
|
| 7 | Credit Suisse | 2.361 | 8 | 4.93% | 4 | 1.425 | 1 | 8.85%
|
| 8 | Wells Fargo | 2.348 | 9 | 4.91% | 5 | 0.655 | 5 | 4.07%
|
| 9 | Citigroup | 2.006 | 5 | 4.19% | 3 | 1.690 | 4 | 10.49%
|
| 10 | HSBC | 1.507 | 3 | 3.15% |
|
| Total | 47.852 | 70 | 16.108 | 33 |
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| Average size: | 0.684 | 0.488 |
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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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