HY investors lead pushback, but momentum evasive

Investors in Europe’s leveraged finance markets have started to fight for better pricing and deal terms. But a lack of supply is playing in borrowers' favour.

  • By Victor Jimenez
  • 15 Feb 2018

“We’ve had now more than a year of very accommodative refinancings, and secondary leveraged buyouts pushing for more leverage, with cooked definitions of earnings and the erosion of covenants on payment baskets,” said one fund manager.

Another investor, active in high yield bond and leveraged loan markets, ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 14,171.81 67 7.07%
2 Credit Agricole CIB 12,127.33 53 6.05%
3 Deutsche Bank 11,901.17 45 5.94%
4 Goldman Sachs 11,327.05 46 5.65%
5 UniCredit 10,733.06 63 5.35%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 4,034.08 48 7.15%
2 Deutsche Bank 3,636.44 36 6.44%
3 Goldman Sachs 3,623.05 30 6.42%
4 JPMorgan 3,438.62 37 6.09%
5 Credit Suisse 3,205.50 33 5.68%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,977.21 134 10.01%
2 Credit Suisse 12,625.91 87 7.45%
3 Citi 11,806.35 100 6.96%
4 Goldman Sachs 11,663.33 87 6.88%
5 Bank of America Merrill Lynch 11,499.82 106 6.78%