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 ...

Please take a trial or subscribe to access this content.

Contact Mark Goodes to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%