Stricken by loans, firms turn to equity market

Several western European borrowers are turning to rights issues to pay down their syndicated loans, a stark reminder of the poor refinancing prospects for triple-B credits and the difficulties they face staying within their covenants.

  • 30 Jan 2009
Rio Tinto, the Anglo-Australian miner, Xstrata, the Anglo-Swiss mining group, and Cookson, the UK building materials company, this week each announced an equity raising or the possibility of such a move.Rio Tinto said on Wednesday that it was considering a A$6bn ($4bn) rights issue to help take out ...

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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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%