Poorly drafted loan docs could lead to Libor replacement trouble, warns Fitch

Corporate borrowers are being urged to prepare for the phase out of Libor, but loan documents are not yet up to the job of facilitating an orderly switch to a new rate, warned Fitch Ratings on Tuesday.

  • By David Bell
  • 24 Jul 2018

Variations in how a new reference rate is incorporated into existing loans could cause trouble for borrowers after Libor is phased out, the rating agency warned.

Around $4tr of loans will need to be repriced when Libor is phased out because the likely replacement rate, the Secured Overnight ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,103.54 89 7.62%
2 JPMorgan 16,881.55 58 6.73%
3 Deutsche Bank 15,679.29 58 6.25%
4 Credit Agricole CIB 14,083.69 66 5.62%
5 Goldman Sachs 13,902.00 61 5.54%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.81%
2 BNP Paribas 4,918.81 57 6.95%
3 Deutsche Bank 4,372.15 44 6.18%
4 JPMorgan 3,977.60 45 5.62%
5 Credit Suisse 3,757.05 40 5.31%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%