Bigger returns come with lite covenants in euro lev loan market

Speculative grade investors are being tempted by higher total returns in the leveraged loan market, but lack of supply and growing demand is favoring a loosening of default protection covenants.

  • By Victor Jimenez
  • 16 May 2018

Life for corporate debt buyers in the European leveraged finance markets just became a bit more complicated this week.  

Fund managers investing in the euro high yield index would have seen total returns fall into negative territory to minus 0.12% so far this year, JP Morgan data shows.

Speculative ...

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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 5.68%
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 5,048.40 37 7.53%
2 BNP Paribas 4,834.62 56 7.21%
3 Deutsche Bank 4,245.09 42 6.33%
4 JPMorgan 3,756.57 41 5.60%
5 Credit Suisse 3,672.86 39 5.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,149.85 147 10.24%
2 Goldman Sachs 14,216.06 100 7.60%
3 Credit Suisse 13,243.20 94 7.08%
4 Bank of America Merrill Lynch 12,775.52 117 6.83%
5 Citi 12,347.90 105 6.60%