No let-up in US loan doc loosening, say lawyers

Speakers at a loan industry conference in New York on Wednesday highlighted the continued erosion in the quality of investor protections in leveraged loans, a trend that many expect will make recovery rates worse when the credit cycle turns.

  • By David Bell
  • 09 May 2018

The trend of increasingly borrower-friendly documentation in the US leveraged loan market is showing little sign of relenting, according to market participants.

With demand for floating rate corporate debt soaring from CLOs and mutual funds, borrowers have been able to apply looser restrictions on their ability to raise ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,684.16 83 7.43%
2 Credit Agricole CIB 13,287.71 61 5.92%
3 Deutsche Bank 12,890.62 50 5.74%
4 Goldman Sachs 12,767.85 54 5.69%
5 UniCredit 11,414.29 66 5.08%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 4,861.86 36 7.33%
2 BNP Paribas 4,648.08 55 7.01%
3 Deutsche Bank 4,245.09 42 6.40%
4 JPMorgan 3,756.57 41 5.66%
5 Credit Suisse 3,672.86 39 5.54%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,016.51 146 10.22%
2 Goldman Sachs 14,082.73 99 7.57%
3 Credit Suisse 13,243.20 94 7.12%
4 Bank of America Merrill Lynch 12,775.52 117 6.87%
5 Citi 12,347.90 105 6.64%