Verisure €1bn divi deal bypass levfin alarms

Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it.

  • By Victor Jimenez
  • 09 Nov 2017

European leveraged finance has become a “wonderland” for borrowers who have the upper hand and seek ever more aggressive terms, in the words of a high yield fund manager.

The proof of this came this week. On Wednesday, Verisure, the Swedish security systems group, launched €2.38bn of ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Feb 2018
1 BNP Paribas 1,659.34 6 7.12%
2 ING 1,631.78 5 7.00%
3 Goldman Sachs 1,565.51 5 6.72%
4 Deutsche Bank 1,532.98 4 6.58%
5 Citi 1,439.08 6 6.17%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 923.77 9 8.85%
2 Morgan Stanley 732.63 4 7.02%
3 Goldman Sachs 657.29 6 6.30%
4 Credit Suisse 577.70 7 5.53%
5 JPMorgan 572.76 6 5.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,599.75 33 9.01%
2 Citi 4,085.51 32 8.01%
3 Credit Suisse 3,835.38 26 7.52%
4 Wells Fargo Securities 3,248.55 24 6.37%
5 Barclays 2,770.29 16 5.43%