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) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%