Neuberger Berman calls for global HY funds to incorporate euro levloans

A growing number of European high yield borrowers are replacing their bonds with leveraged loan debt. This week, investment management company Neuberger Berman decided to add leveraged loans into its bond strategy, and said more investors should follow suit to avoid missing new speculative grade issuance.

  • By Victor Jimenez
  • 17 Aug 2017

European borrowers began a trend seven years ago replacing their loans with high yield bonds, which provided greater flexibility in documentation and freed them from maintenance covenants. That trend is now in reverse as companies head back to the leveraged loan market.  

“More recently, they have ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,543.40 76 7.21%
2 BNP Paribas 17,658.36 110 6.51%
3 Goldman Sachs 15,275.80 61 5.64%
4 Deutsche Bank 14,293.34 81 5.27%
5 HSBC 14,165.38 91 5.23%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6,956.59 58 7.32%
2 Goldman Sachs 6,746.86 54 7.10%
3 Deutsche Bank 5,912.17 58 6.22%
4 Credit Suisse 5,767.09 60 6.07%
5 BNP Paribas 5,208.30 57 5.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.77%
2 Citi 26,963.27 215 8.59%
3 Bank of America Merrill Lynch 25,379.69 225 8.09%
4 Goldman Sachs 23,537.99 167 7.50%
5 Barclays 20,408.08 140 6.50%