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  • CP support leaves gaps but banks ‘playing ball’

    CP support leaves gaps but banks ‘playing ball’

    Three UK companies have already flagged their interest in the Bank of England’s emergency commercial paper funding scheme for large businesses, announced on March 20. The big three rating agencies will help fast-track unrated investment grade issuers into the scheme, but the strict eligibility limits leave leveraged and smaller companies out in the cold.

  • Debt advisers called up for liquidity battle

    Debt advisers called up for liquidity battle

    Firms across Europe are clamouring for crisis funding but while debt advisory bankers have joined the frontline in finding solutions some admit they may struggle to cope with the sheer scale of the challenge, writes David Rothnie.

  • ‘Sympathetic’ investors to waive covenants in US private placements

    ‘Sympathetic’ investors to waive covenants in US private placements

    Institutional investors in the US private placement market are preparing for a round of covenant waivers, as companies brace for the economic impact of the coronavirus pandemic. Bankers in turn are shelving primary issuance plans and turning their attention to winning amendment mandates.

  • Covid-19: a transparency test for borrowers

    Covid-19: a transparency test for borrowers

    These are testing times for corporations around the world as they find ways to navigate the impact of the Covid-19 pandemic on their businesses and debt profiles. Now more than ever, transparency from borrowers is absolutely key.

  • European securitization looks to US bank treasuries for second rescue

    European securitization looks to US bank treasuries for second rescue

    After the 2008 financial crisis, JP Morgan’s chief investment office restored the European securitization markets, buying billions of UK and Dutch RMBS. Now, market players are looking to JP Morgan and Citigroup’s CIO units again to scoop up senior securitization bonds and backstop the market.

  • Financing firm for KKR’s Viridor buy despite market chaos

    Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.

LevFin News Archive

Comment

  • Your country needs you, investment bankers

    The 2008 financial crisis forged a generation of investment bankers well versed in advising governments — and with many having returned to banking, they are likely to be in demand again. But history suggests banks will not be earning lucrative fees, writes David Rothnie.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $bn No of issues Share %
1 7.85 28 11.73%
2 4.94 20 7.39%
3 4.69 21 7.01%
4 4.58 24 6.85%
5 4.48 19 6.70%

Bookrunners of European HY Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 1.97 11 8.51%
2 1.90 15 8.20%
3 1.76 13 7.61%
4 1.61 14 6.98%
5 1.48 12 6.42%