Weekly Trade Round Up

Western Refining's $1.4 billion term loan broke for trading last Tuesday at par 1/2-3/4 and traded up to par 5/8-7/8. The auto credit default swap market was all shook up on Wednesday afternoon as many names dropped nearly 100 points to bounce back from last week. The $1.5 billion add-on for Charter Communications broke for trading last Monday around par-par 1/4, according to a dealer.

  • 07 Mar 2007
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Western Refining Heads Up On Break
Western Refining's $1.4 billion term loan broke for trading last Tuesday at par 1/2-3/4 and traded up to par 5/8-7/8, according to a dealer. Pricing on the credit rounded out at LIBOR plus 1 3/4%. Bank of America leads the deal which backs the El Paso, Texas-based refiner's acquisition of Giant Industries (CIN, 2/5). "It broke into a relatively quiet market," one portfolio manager said, suggesting that was why it traded up.

Autos Drive All Over The Map
The auto credit default swap market was all shook up on Wednesday afternoon as many names dropped nearly 100 points to bounce back from last week. Ford Motor Co.'s cds were trading 675-680 on Tuesday were down to 575-585 on Wednesday. General Motors' was as wide as 465 on Tuesday and tightened to around 400. "It's literally as volatile as it's ever been," one exasperated dealer said. Ford's term loan was equally as active, trading as high as 101 3/4 this morning, dropping to around par-par 1/8 and bouncing back to par 3/4-7/8 by late afternoon.

Charter Comm Hovers At Par
The $1.5 billion add-on for Charter Communications broke for trading last Monday around par-par 1/4, according to a dealer. The add-on is part of a $8.05 million refinanced deal led by JPMorgan, Banc of America Securities and Citigroup. The add-on is priced at LIBOR plus 2%. "JPM seems to be supporting it with the par bid," a dealer said. The existing $5 billion term loan dipped to around par 1/2-101 the week before from the par 3/4-101 on news of the reprice, which will cut pricing 62.5 basis points to LIBOR plus 2% in April (CIN, 3/2).
  • 07 Mar 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%