Frontier hit with downgrade after earnings disappoint

S&P Global Ratings downgraded telecoms company Frontier Communications to triple-C status on Friday, swelling the proportion of the low-rated bucket in CLOs holding the debt.

  • By David Bell
  • 06 Aug 2018
Analysts at S&P said on Friday that Frontier’s operating and financial results were “somewhat below our expectations in the second quarter of 2018” and expressed doubts that the company would be able to stabilise its Ebitda and reduce leverage in the long term without meaningful improvements to revenue ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 13,554.26 61 7.13%
2 Deutsche Bank 11,901.17 45 6.26%
3 Credit Agricole CIB 11,825.01 52 6.22%
4 Goldman Sachs 10,865.30 45 5.71%
5 UniCredit 10,484.86 60 5.51%

Bookrunners of European HY Bonds

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1 BNP Paribas 3,863.89 45 7.26%
2 Goldman Sachs 3,593.75 29 6.75%
3 JPMorgan 3,391.91 36 6.37%
4 Deutsche Bank 3,241.44 30 6.09%
5 Credit Suisse 3,119.95 31 5.86%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 15,833.26 127 9.86%
2 Citi 11,539.69 98 7.19%
3 Goldman Sachs 11,025.83 85 6.87%
4 Bank of America Merrill Lynch 10,994.65 101 6.85%
5 Barclays 10,908.60 83 6.79%