Covenant-lite loans wither in LBO market 'correction'

The European leveraged loan market bit back this week against the private equity funds that have raised so many aggressive financings — and especially against the covenant-lite structure that has been widely criticised by pundits.

  • 06 Jul 2007

As loan prices wilted in the secondary market, especially on covenant-lite deals, ABN Amro and Citigroup were forced to add covenants to a struggling Eu1.075bn loan for Maxeda, the Dutch home improvement retailer.

Leveraged loan bankers talked of a sharp turn in the market — even an end ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%