Corporate Supply & Flows (FEBRUARY 20)

  • 23 Feb 2003
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WEEKLY UPDATE

A rebound in highly-rated debt issuance was a feature of last week's primary market calendar as almost half of the $11.6 billion of investment grade issuance was rated double-A or better. Once again several sizeable sovereign issues were behind the boost in average ratings continuing a trend of very heavy issuance by this sector. There has been almost $30 billion of supra/sovereign issuance so far in 2003 and 36% of the primary market year-to-date has been in deals rated double-A or higher (versus 30% for all of 2002). Hence, the year's issuance volumes continue to look heavy with $94.5 billion of investment-grade deals having come to market so far, which is slightly ahead of the pace last year.

Analysis by CreditSights, Inc., an independent online credit research platform. Call (212) 340-3888 or visit www.CreditSights.com for more information

  • 23 Feb 2003

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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
3 Wells Fargo Securities 86,271.10 256 9.44%
4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%