• Leveraged loan issuance totals $243.72 billion year to date
• JPMorgan top leveraged loan arranger in May
• Leveraged loan issuance totals $50.56 billion in May
New York, May 31 - JPMorgan moved into the top position among arrangers of leveraged loans for the year so far, continuing a rotation among the top banks in recent months, according to data compiled by Prospect News.
The move dislodged Banc of America, which had been first for the year through April. Citigroup, which had been the leader for January, the year through February and the year through March, moved up to second place, leaving Banc of America at third.
But the three firms are all very close, with just 0.69% of market share or $1.68 billion of deals separating them.
JPMorgan was the top bank for all of 2005.
New issuance continued at strong levels, totaling $50.56 billion for the month, up from $44.83 billion in April, although behind March's $54.06 billion. February saw $37.56 billion and January came in at $56.70 billion.
Total volume so far this year now totals $243.72 billion, far ahead of the $138.95 billion at the same stage in 2005.
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 | 39.140 | 78 | 16.06% | 1 | 32.727 | 72 | 23.55%
|
| 2 | Citigroup | 38.411 | 47 | 15.76% | 3 | 12.955 | 34 | 9.32%
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| 3 | Banc of America | 37.460 | 77 | 15.37% | 2 | 15.259 | 53 | 10.98%
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| 4 | Credit Suisse | 21.352 | 62 | 8.76% | 4 | 12.741 | 49 | 9.17%
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| 5 | Deutsche Bank | 16.416 | 37 | 6.74% | 5 | 10.243 | 28 | 7.37%
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| 6 | Goldman Sachs | 11.846 | 31 | 4.86% | 7 | 7.652 | 23 | 5.51%
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| 7 | Wachovia | 9.022 | 33 | 3.70% | 8 | 7.182 | 25 | 5.17%
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| 8 | Morgan Stanley | 7.936 | 15 | 3.26% | 12 | 2.080 | 9 | 1.50%
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| 9 | UBS | 7.050 | 21 | 2.89% | 10 | 3.480 | 17 | 2.50%
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| 10 | Merrill Lynch | 6.199 | 23 | 2.54% | 15 | 1.502 | 7 | 1.08%
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| Total | 243.717 | 411 | 138.948 | 302 |
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| Average size: | 0.593 | 0.460 |
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| May 2006
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| | | | | 2005 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 7.882 | 13 | 15.59% | 1 | 8.960 | 16 | 36.32%
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| 2 | Citigroup | 6.358 | 10 | 12.57% | 2 | 3.206 | 8 | 12.99%
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| 3 | Credit Suisse | 6.358 | 20 | 12.57% | 4 | 1.716 | 9 | 6.96%
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| 4 | Banc of America | 5.018 | 14 | 9.92% | 3 | 2.218 | 10 | 8.99%
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| 5 | Goldman Sachs | 4.847 | 12 | 9.59% | 5 | 1.538 | 4 | 6.24%
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| 6 | RBS | 4.826 | 3 | 9.54% |
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| 7 | Deutsche Bank | 3.049 | 7 | 6.03% | 6 | 1.453 | 3 | 5.89%
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| 8 | Merrill Lynch | 1.726 | 9 | 3.41% | 12 | 0.350 | 1 | 1.42%
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| 9 | Lehman | 1.637 | 7 | 3.24% | 7 | 1.358 | 2 | 5.51%
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| 10 | Eurohypo | 1.239 | 1 | 2.45% |
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| Total | 50.562 | 88 | 24.672 | 50 |
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| Average size: | 0.575 | 0.493
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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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