Shift underway in LBO financing, as buyers clamour for bonds

Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.

  • By Victor Jimenez
  • 18 Jan 2018

Underwriters marketing the €8bn of leveraged buyout financing that emerged in the first month of the year have been pressured by investors to offer more high yield bonds as part of future financing packages, according to buy- and sell-side sources.

Three market sources told GlobalCapital that those exchanges, which ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,565.51 5 12.86%
2 Credit Suisse 1,240.24 4 10.19%
3 Citi 1,001.75 5 8.23%
4 Deutsche Bank 992.73 2 8.15%
5 Bank of America Merrill Lynch 685.81 4 5.63%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 19 Feb 2018
1 BNP Paribas 807.11 8 8.39%
2 Morgan Stanley 732.63 4 7.62%
3 Goldman Sachs 657.29 6 6.83%
4 Credit Suisse 577.70 7 6.01%
5 JPMorgan 572.76 6 5.96%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,899.63 30 8.58%
2 JPMorgan 3,874.29 30 8.53%
3 Credit Suisse 3,350.85 23 7.37%
4 Wells Fargo Securities 3,129.35 23 6.89%
5 Bank of America Merrill Lynch 2,721.10 26 5.99%