Strike up the band! Underwriting returns to European syndicated loan market

Underwritings have been absent in the loan market over the last six months. New money lending has been dominated by clubbed and short-term term transactions. But K+S’s Eu1.4bn loan — for its $1.7bn takeover of Morton Salt — is different, the first proper underwrite seen in Europe this year. But while it is undoubtedly encouraging news, it’s too early to tell whether it heralds a return to the good old days in the syndicated loan market.

  • 07 Apr 2009
Underwriting has been a hot topic of conversation in the European loan market since the start of the year, mainly because of its absence. The US has seen Pfizer and Merck secure underwritten jumbos of $22.5bn and $8.5bn, respectively. But Europe has lagged. Its biggest new money deals ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 12,062.01 77 5.87%
2 HSBC 11,342.38 64 5.52%
3 BNP Paribas 10,550.01 50 5.14%
4 Credit Agricole CIB 9,998.56 48 4.87%
5 Commerzbank Group 9,685.30 59 4.72%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 05 Dec 2016
1 JPMorgan 92,977.13 409 6.84%
2 Citi 84,983.27 488 6.25%
3 Morgan Stanley 79,079.95 348 5.81%
4 Goldman Sachs 77,314.51 403 5.68%
5 Bank of America Merrill Lynch 74,413.02 367 5.47%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 73,418.06 292 10.66%
2 Citi 69,010.11 380 10.02%
3 Bank of America Merrill Lynch 62,837.42 312 9.12%
4 Wells Fargo Securities 56,482.87 249 8.20%
5 Morgan Stanley 56,285.40 264 8.17%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 8,361.81 30 8.01%
2 BNP Paribas 7,357.30 28 7.04%
3 UBS 6,976.66 25 6.68%
4 UniCredit 6,176.37 25 5.91%
5 LBBW 5,995.79 23 5.74%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 HSBC 8,089.13 23 10.89%
2 UBS 6,893.97 28 9.28%
3 BNP Paribas 6,822.83 24 9.19%
4 Barclays 5,779.90 18 7.78%
5 Citi 4,814.05 25 6.48%