Aggressive loan terms drive concerns on recovery rates

Fiscal stimulus and economic growth should keep the credit cycle going for another two years, but the weakening of investor protections will damage loan recoveries when the market turns, said panellists at an IMN investors’ conference on CLOs and leveraged loans on Wednesday.

  • By David Bell
  • 23 May 2018
“The docs today do not provide at all the type of comfort that a senior lender could have pre-crisis,” said Farboud Tavangar, senior portfolio manager at LCM Asset Management. “The ability to bring the borrower to the table is not there. Subordinated capital has vanished. Leakage is allowed ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 9,214.95 32 6.89%
2 Credit Agricole CIB 9,155.79 35 6.85%
3 Deutsche Bank 7,673.16 25 5.74%
4 Goldman Sachs 7,228.76 27 5.41%
5 Barclays 7,034.84 23 5.26%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,229.39 37 7.60%
2 JPMorgan 2,843.00 30 6.69%
3 Credit Suisse 2,741.05 26 6.45%
4 Deutsche Bank 2,422.42 23 5.70%
5 Goldman Sachs 2,249.87 23 5.29%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,583.04 101 9.88%
2 Citi 9,456.00 80 7.42%
3 Barclays 9,040.11 67 7.10%
4 Bank of America Merrill Lynch 8,939.78 84 7.02%
5 Goldman Sachs 8,209.96 67 6.45%