Glut of CLOs drives decline in loan standards

A spike in the supply of US leveraged loans and CLOs has caused spreads to widen in both markets in recent weeks. While CLO managers are scrambling to satisfy demand for the product, critics say they should be doing more to protect the quality of the loans they are investing in.

  • By David Bell
  • 10 Jul 2018
CLO managers are printing new deals at record pace — the $68.1bn of new deals printed through to the end of June was the biggest ever first half of the year for the market. On top of that, loan mutual funds have posted $12.3bn of inflows in the ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 14,742.32 70 7.07%
2 Credit Agricole CIB 12,540.25 55 6.01%
3 Deutsche Bank 11,856.29 46 5.68%
4 Goldman Sachs 10,876.28 46 5.21%
5 HSBC 10,815.72 51 5.18%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 4,096.77 49 6.96%
2 Deutsche Bank 3,839.34 38 6.52%
3 Goldman Sachs 3,623.05 30 6.16%
4 JPMorgan 3,599.75 39 6.12%
5 Credit Suisse 3,366.63 35 5.72%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,476.08 137 10.00%
2 Credit Suisse 12,881.03 89 7.37%
3 Goldman Sachs 12,373.76 90 7.08%
4 Citi 12,061.47 102 6.90%
5 Bank of America Merrill Lynch 11,966.50 108 6.84%