• Leveraged loan issuance totals $437.20 billion year to date
• JPMorgan top leveraged loan arranger in Q3
• Leveraged loan issuance totals $107.78 billion in Q3
• JPMorgan top leveraged loan arranger in September
• Leveraged loan issuance totals $39.00 billion in September
New York, Sept. 29 - JPMorgan remained firmly the top arranger of leveraged loans for the year so far, expanding its lead over number two-ranked Citigroup, according to data compiled by Prospect News.
For the year through September, JPMorgan is $12.6 billion clear of Citi, up from a margin of $4.0 billion at the end of August.
Among the deals contributing to the broadening gap was Lyondell Chemical Co.'s $2.575 billion transaction, for which JPMorgan was sole lead.
JPMorgan has been number one since May when it pushed off Banc of America, which had been first for the year through April. Citigroup had been the leader for January, the year through February and the year through March.
JPMorgan placed first for 2005.
Issuance revived from the summer lull, reaching $39.00 billion in September, up from $24.63 billion in August and ahead of the $32.65 billion in September 2005.
However the most recent month remains below the $49.78 billion average for the previous eight months of 2006.
Compared to 2005, new deals are running 60% ahead at $437.20 billion so far this year versus $273.35 billion at the same stage last year.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
Year to date 2006
2005 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 73.752 | 158 | 16.87% | 1 | 53.674 | 129 | 19.64%
|
| 2 | Citigroup | 61.114 | 76 | 13.98% | 3 | 32.397 | 71 | 11.85%
|
| 3 | Banc of America | 58.508 | 139 | 13.38% | 2 | 35.757 | 118 | 13.08%
|
| 4 | Credit Suisse | 35.422 | 105 | 8.10% | 4 | 23.347 | 85 | 8.54%
|
| 5 | Deutsche Bank | 23.094 | 56 | 5.28% | 5 | 20.009 | 47 | 7.32%
|
| 6 | Goldman Sachs | 20.329 | 55 | 4.65% | 8 | 11.140 | 34 | 4.08%
|
| 7 | Wachovia | 15.801 | 60 | 3.61% | 7 | 13.585 | 54 | 4.97%
|
| 8 | Merrill Lynch | 15.266 | 43 | 3.49% | 11 | 4.756 | 21 | 1.74%
|
| 9 | UBS | 13.363 | 51 | 3.06% | 9 | 6.003 | 28 | 2.20%
|
| 10 | Morgan Stanley | 12.098 | 30 | 2.77% | 14 | 4.487 | 18 | 1.64%
|
| Total | 437.201 | 770 | 273.346 | 589 |
|
|
|
| Average size: | 0.568 | 0.464
|
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|
| Q3 | 2006
|
| | | | | 2005 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 24.152 | 52 | 22.41% | 1 | 15.035 | 37 | 17.30%
|
| 2 | Banc of America | 13.224 | 36 | 12.27% | 3 | 11.479 | 45 | 13.21%
|
| 3 | Citigroup | 12.382 | 21 | 11.49% | 2 | 13.413 | 21 | 15.44%
|
| 4 | Credit Suisse | 8.275 | 25 | 7.68% | 4 | 6.700 | 21 | 7.71%
|
| 5 | Deutsche Bank | 5.168 | 11 | 4.79% | 6 | 5.753 | 12 | 6.62%
|
| 6 | Goldman Sachs | 4.618 | 16 | 4.28% | 10 | 2.033 | 7 | 2.34%
|
| 7 | Lehman | 4.479 | 15 | 4.16% | 5 | 6.432 | 12 | 7.40%
|
| 8 | UBS | 4.255 | 18 | 3.95% | 15 | 1.155 | 7 | 1.33%
|
| 9 | Wachovia | 3.712 | 15 | 3.44% | 7 | 3.360 | 17 | 3.87%
|
| 10 | Merrill Lynch | 3.509 | 10 | 3.26% | 11 | 1.929 | 9 | 2.22%
|
| Total | 107.782 | 219 | 86.899 | 191 |
|
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|
| Average size: | 0.492 | 0.455
|
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|
| September 2006
|
| | | | | 2005 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 11.085 | 22 | 28.42% | 3 | 4.351 | 11 | 13.33%
|
| 2 | Banc of America | 6.120 | 15 | 15.69% | 1 | 5.128 | 20 | 15.71%
|
| 3 | Credit Suisse | 3.572 | 9 | 9.16% | 2 | 4.712 | 12 | 14.43%
|
| 4 | Citigroup | 2.503 | 6 | 6.42% | 4 | 4.282 | 10 | 13.12%
|
| 5 | Lehman | 1.752 | 6 | 4.49% | 9 | 1.141 | 5 | 3.49%
|
| 6 | Morgan Stanley | 1.662 | 4 | 4.26% | 8 | 1.630 | 5 | 4.99%
|
| 7 | Goldman Sachs | 1.637 | 6 | 4.20% | 14 | 0.393 | 2 | 1.20%
|
| 8 | Wachovia | 1.302 | 6 | 3.34% | 6 | 1.785 | 9 | 5.47%
|
| 9 | CoBank | 1.225 | 1 | 3.14% |
|
| 10 | Deutsche Bank | 1.213 | 3 | 3.11% | 5 | 3.113 | 7 | 9.53%
|
| Total | 39.004 | 77 | 32.651 | 73 |
|
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| Average size: | 0.507 | 0.447
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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 the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.
• 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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