Opportunistic IG deals keep coming as issuers refi before year end

Four large European issuers this week sought to refinance, reprice and extend debt issued between 2010 and 2012 — in every case cutting earlier margins by a large amount. The trend for ever tighter investment grade margins shows no sign of halting amid a wave of opportunistic issuance.

  • By Olivier Holmey
  • 06 Dec 2013

Bayer, the German chemicals and pharmaceuticals company, is amending and extending a €3.5bn revolving credit facility from 2011, according to a senior loans banker.

The company, rated A3/A-/A, wants to reprice the deal at 27.5bp over Euribor. The amended debt will mature in five years, with an option ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%