• Leveraged loan issuance totals $291.54 billion year to date
New York, June 29 - JPMorgan was the number one arranger of leveraged loans for the first half of the year, according to data compiled by Prospect News.
The bank brought to market $48.26 billion of loans, or 16.55% of the total.
JPMorgan has led the year-to-date tables for every month this year although Bank of America was first for 2011 as a whole.
Bank of America placed second for the year so far, followed by Wells Fargo, Credit Suisse and Citigroup. Those were unchanged from the month before apart from fifth place, which was held by Goldman Sachs for the first five months of the year.
JPMorgan also placed first for the second quarter and for June.
Year-to-date issuance is now $291.54 billion, down 45% from the $451.08 billion recorded for the first half of 2011. The second quarter was also significantly lower on year-earlier levels at $138.63 billion versus $227.79 billion, as was June, which saw $32.03 billion this year compared to $81.40 billion last year.
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
2011 Comparables
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 48.258 | 154 | 16.55% | 1 | 82.603 | 206 | 18.31%
|
| 2 | Bank of America | 33.829 | 155 | 11.60% | 2 | 77.434 | 249 | 17.17%
|
| 3 | Wells Fargo | 25.794 | 113 | 8.85% | 3 | 29.353 | 120 | 6.51%
|
| 4 | Credit Suisse | 18.926 | 84 | 6.49% | 4 | 29.164 | 89 | 6.47%
|
| 5 | Citigroup | 15.763 | 74 | 5.41% | 7 | 21.410 | 67 | 4.75%
|
| 6 | Morgan Stanley | 15.535 | 55 | 5.33% | 6 | 21.793 | 57 | 4.83%
|
| 7 | Barclays | 15.349 | 70 | 5.26% | 5 | 25.222 | 76 | 5.59%
|
| 8 | Deutsche Bank | 14.982 | 71 | 5.14% | 8 | 20.386 | 66 | 4.52%
|
| 9 | Goldman Sachs | 14.874 | 64 | 5.10% | 9 | 17.597 | 54 | 3.90%
|
| 10 | RBC | 8.108 | 55 | 2.78% | 12 | 10.528 | 43 | 2.33%
|
| Total | 291.544 | 601 | 451.079 | 760 |
|
| Average size: | 0.485 | 0.594 |
|
|
|
| Second quarter |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 23.762 | 66 | 17.14% | 1 | 42.695 | 103 | 18.74%
|
| 2 | Bank of America | 14.570 | 62 | 10.51% | 2 | 37.605 | 120 | 16.51%
|
| 3 | Wells Fargo | 14.196 | 54 | 10.24% | 3 | 15.761 | 60 | 6.92%
|
| 4 | Goldman Sachs | 9.435 | 34 | 6.81% | 7 | 9.059 | 30 | 3.98%
|
| 5 | Credit Suisse | 9.140 | 42 | 6.59% | 6 | 9.884 | 38 | 4.34%
|
| 6 | Citigroup | 8.311 | 36 | 5.99% | 4 | 12.533 | 37 | 5.50%
|
| 7 | Barclays | 7.719 | 24 | 5.57% | 8 | 8.533 | 37 | 3.75%
|
| 8 | Morgan Stanley | 6.422 | 27 | 4.63% | 5 | 11.568 | 29 | 5.08%
|
| 9 | Deutsche Bank | 6.107 | 29 | 4.41% | 9 | 8.126 | 30 | 3.57%
|
| 10 | Jefferies | 3.946 | 10 | 2.85% | 22 | 1.769 | 11 | 0.78%
|
| Total | 138.633 | 278 | 227.792 | 380 |
|
| Average size: | 0.499 | 0.599 |
|
|
|
| June |
|
| | | | | 2011 Comparables |
|
| Underwriter | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 3.720 | 13 | 11.61% | 2 | 13.803 | 35 | 16.96%
|
| 2 | Wells Fargo | 3.093 | 10 | 9.66% | 3 | 5.540 | 23 | 6.81%
|
| 3 | Bank of America | 2.861 | 16 | 8.93% | 1 | 13.874 | 49 | 17.04%
|
| 4 | Morgan Stanley | 2.440 | 11 | 7.62% | 9 | 2.453 | 10 | 3.01%
|
| 5 | Barclays | 2.217 | 7 | 6.92% | 13 | 2.074 | 13 | 2.55%
|
| 6 | Credit Suisse | 1.964 | 9 | 6.13% | 6 | 3.094 | 14 | 3.80%
|
| 7 | RBC | 1.659 | 11 | 5.18% | 10 | 2.365 | 12 | 2.91%
|
| 8 | Citigroup | 1.622 | 8 | 5.06% | 4 | 5.400 | 14 | 6.63%
|
| 9 | Keybank | 1.611 | 5 | 5.03% | 19 | 1.050 | 3 | 1.29%
|
| 10 | SunTrust | 1.579 | 8 | 4.93% | 30 | 0.367 | 8 | 0.45%
|
| Total | 32.031 | 77 | 81.395 | 143 |
|
| Average size: | 0.416 | 0.569 |
|
|
|
|
|
|
|
|
|
| Prospect News Leveraged Loan Arranger Rankings
|
|
|
Criteria
• The tables include dollar-denominated deals offered in the United States and reported to Prospect News.
• Borrower must have $75 million or more of bank debt outstanding 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.
• The tables include 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
