IG borrowers revive sleepy syndications

Western Europe’s loan market enjoyed a healthy burst of activity this week as several borrowers launched deals. Many loans have already been mandated this year, including the Eu9bn jumbo for German utility RWE, but until now most borrowers have avoided syndications by clubbing their facilities or securing self-arranged forward starts.

  • 06 Feb 2009

But this week UPM-Kymmene, the Finnish paper and pulp group; Trafigura, the Dutch commodities trader; and UK train leasing company Porterbrook were among the names to come to the market.

As well as these, Enel, the Italian utility, is expected to launch syndication of an Eu8bn loan today (Friday) ...

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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) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 74,266.46 209 13.33%
2 Bank of America Merrill Lynch 64,298.92 202 11.54%
3 Wells Fargo Securities 55,583.74 178 9.98%
4 JPMorgan 40,447.01 140 7.26%
5 Credit Suisse 30,239.23 97 5.43%