VW’s 35bp marks new low for loan market despite raging crisis

A margin of just 35bp on a €5bn five year revolving credit for German auto firm Volkswagen this week could well mark the pricing bottom of the investment grade loan market, as the continuing debt crises in the US and across the eurozone take their toll on the sector.

  • 28 Jul 2011

The deal for A3/A- rated Volkswagen, led by Citi and Commerzbank, was almost twice oversubscribed by lenders desperate for a slice of the borrower’s much-prized ancillary business — despite what one banker called "unbelievable" pricing.

But bankers fear that lenders could start to decline some of the most ...

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New! GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,029 20 10.95
2 Bank of America Merrill Lynch (BAML) 6,703 19 10.45
3 JP Morgan 4,776 10 7.44
4 Credit Suisse 4,718 9 7.35
5 Deutsche Bank 4,262 13 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Oct 2016
1 Wells Fargo Securities 67,591.81 167 11.54%
2 Bank of America Merrill Lynch 57,568.62 162 9.83%
3 JPMorgan 55,390.36 159 9.46%
4 Citi 55,051.46 160 9.40%
5 Credit Suisse 43,756.73 120 7.47%