Single-A pricing tightens further as Schlumberger launches refi

The aggressive margin on a refinancing facility from A1/A+ rated Schlumberger, which was launched on Tuesday, has left bankers worried that the trend for tightening at the top end of the market has restarted.

  • 29 Jun 2011

“This is just another turn of the tightening screw,” said one banker close to the deal. “Schlumberger is below benchmark pricing, although less shocking than Volkswagen’s margin.”

Earlier this week, Volkswagen (A3/A-) launched a five year plus one plus one Eu5bn refinancing with a margin of 35bp, linked ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

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
  • 22 May 2017
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%