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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,251.11 279 13.17%
2 Bank of America Merrill Lynch 90,895.27 265 12.06%
3 Wells Fargo Securities 72,661.39 222 9.64%
4 JPMorgan 52,367.24 169 6.95%
5 Credit Suisse 41,885.89 127 5.56%