Fidelity, Venetian Cool Off 101 Highs

Fidelity National Information Services' $2 billion "B" loan traded around par, down from its 101 1/8 high, while Venetian Casino Resorts' $970 million "B" tranche went off at 100 3/4-101 down from a 101 7/8 peak.

  • 08 Apr 2005
Email a colleague
Request a PDF

Fidelity National Information Services' $2 billion "B" loan traded around par, down from its 101 1/8 high, while Venetian Casino Resorts' $970 million "B" tranche went off at 100 3/4-101 down from a 101 7/8 peak.

Fidelity's "B" loan is priced at LIBOR plus 1 3/4%. One banker suggested that hedge funds or institutional investors that were parking extra cash in the loan may want to move it elsewhere now that opportunities are opening up in other markets. A dealer asked "Let's say he wants to buy GM bonds. What are you going do?" Fidelity is rated BB/Ba3.

The "B" loans of both credits touched the 101 level after breaking. Fidelity's "B" broke four weeks ago. The $3.2 billion credit also comprises an $800 million "A" loan and a $400 million revolver led by Bank of America, J.P. Morgan, Wachovia Securities, Deutsche Bank and Bear Stearns. The Goldman Sachs-led Venetian credit also has a $450 million revolver and a $200 million delayed term loan.

  • 08 Apr 2005

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) 3,136 9 12.62
2 Citi 2,562 6 10.31
3 Goldman Sachs 2,150 3 8.65
4 Credit Suisse 1,822 6 7.33
5 Societe Generale 1,814 4 7.30

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%