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 Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%