Bluechips go for jumbo refis as margins fall

Corporate borrowers are becoming increasingly confident in the capacity of the European investment grade loan market, leading to a spate of jumbo refinancings. Anheuser-Busch InBev, Gas Natural and Philip Morris have all launched deals in the market this week as margins continue to shrink.

  • 12 Mar 2010

Although some bankers are frustrated not to see more new money deals, such as the acquisition financing from Merck (see corporate bonds section), most welcomed the increased flow in the market.

"Recently there’s been a real problem in the lack of deals of a decent size, so to ...

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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) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 99,250.27 279 13.11%
2 Bank of America Merrill Lynch 92,153.61 267 12.17%
3 Wells Fargo Securities 72,661.39 222 9.59%
4 JPMorgan 52,367.24 169 6.91%
5 Credit Suisse 41,885.89 127 5.53%