Loans turns nasty as backstops, disruption clauses threatened

The syndicated loan market came under renewed pressure this week, as concerns about banks’ soaring funding costs in US dollars and the validity of Libor as a reference rate escalated.

  • 26 Sep 2008

The worries have led to talk about lenders triggering market disruption clauses on existing loans in order to renegotiate interest rates.

Fears are also riding high about borrowers in the Nordic region starting to drawdown backstop facilities — secured at very advantageous terms — after the commercial paper ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
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4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%