• Leveraged loan issuance totals $309.90 billion year to date
New York, March 28 - JPMorgan continued in first place among arrangers of leveraged loans, taking the top spot for the first quarter, according to data compiled by Prospect News.
The bank had led in the year-to-date rankings the previous month, for the period through February. It also placed first for the month of March.
Bank of America was second, up from third for the year through February, while Barclays was third, up from fifth. Deutsche Bank slipped to fourth from second and Credit Suisse eased to fifth from fourth.
For the year so far, JPMorgan has arranged $55.01 billion of loans, or 17.8% of the market.
Leveraged loan activity in March was $91.01 billion, down from $120.06 billion in February and a little lower than $98.83 billion in January. However March's total was still higher than all but one month of 2012.
Year-to-date issuance of $309.90 billion is just over double the $152.41 billion for the first quarter of 2012.
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.
Leveraged loans, year to date
2012 Comparables
| Lead arranger | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 55.014 | 107 | 17.75% | 1 | 24.202 | 88 | 15.88%
|
2 | Bank of America | 30.189 | 109 | 9.74% | 2 | 19.172 | 93 | 12.58%
|
3 | Barclays | 29.364 | 79 | 9.48% | 7 | 7.543 | 46 | 4.95%
|
4 | Deutsche Bank | 27.739 | 78 | 8.95% | 6 | 8.875 | 42 | 5.82%
|
5 | Credit Suisse | 27.204 | 75 | 8.78% | 4 | 9.742 | 42 | 6.39%
|
6 | Citigroup | 22.540 | 55 | 7.27% | 8 | 7.452 | 38 | 4.89%
|
7 | Morgan Stanley | 17.566 | 62 | 5.67% | 5 | 9.069 | 28 | 5.95%
|
8 | Goldman Sachs | 16.444 | 58 | 5.31% | 9 | 5.440 | 30 | 3.57%
|
9 | Wells Fargo | 16.369 | 62 | 5.28% | 3 | 11.599 | 59 | 7.61%
|
10 | RBC | 10.292 | 50 | 3.32% | 11 | 4.270 | 31 | 2.80%
|
| Total | 309.900 | 438 | 152.411 | 323 |
|
| Average size: | 0.708 | 0.472 |
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Leveraged loans, March |
|
| | | | | 2012 Comparables |
|
| Lead arranger | Amount | No. | Share | Rank | Amount | No. | Share
|
1 | JPMorgan | 22.452 | 46 | 24.67% | 2 | 7.957 | 36 | 13.70%
|
2 | Wells Fargo | 9.092 | 27 | 9.99% | 3 | 5.860 | 24 | 10.09%
|
3 | Barclays | 8.937 | 22 | 9.82% | 4 | 4.511 | 28 | 7.77%
|
4 | Bank of America | 8.678 | 34 | 9.54% | 1 | 8.280 | 43 | 14.26%
|
5 | Credit Suisse | 6.151 | 23 | 6.76% | 5 | 4.171 | 19 | 7.18%
|
6 | Citigroup | 4.585 | 11 | 5.04% | 8 | 3.127 | 16 | 5.38%
|
7 | Morgan Stanley | 3.654 | 16 | 4.02% | 6 | 3.666 | 13 | 6.31%
|
8 | GECC | 3.567 | 12 | 3.92% | 9 | 2.490 | 15 | 4.29%
|
9 | Deutsche Bank | 3.290 | 15 | 3.62% | 7 | 3.493 | 20 | 6.01%
|
10 | Goldman Sachs | 2.909 | 9 | 3.20% | 11 | 1.766 | 12 | 3.04%
|
| Total | 91.006 | 135 | 58.072 | 124 |
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| Average size: | 0.674 | 0.468 |
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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.
• 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.
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