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 Deutsche Bank 1,517.16 8 7.69%
2 Goldman Sachs 1,495.21 6 7.58%
3 Credit Agricole CIB 1,179.51 9 5.98%
4 BNP Paribas 1,084.57 11 5.50%
5 Bank of America Merrill Lynch 1,011.25 5 5.13%

Bookrunners of European HY Bonds

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1 Citi 849.80 7 9.43%
2 JPMorgan 703.06 6 7.80%
3 Deutsche Bank 636.38 4 7.06%
4 BNP Paribas 604.64 5 6.71%
5 Goldman Sachs 489.41 4 5.43%

Bookrunners of Dollar Denominated HY Bonds

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1 Citi 7,643.05 50 10.93%
2 JPMorgan 6,601.02 49 9.44%
3 Bank of America Merrill Lynch 5,031.63 36 7.19%
4 Goldman Sachs 4,767.07 33 6.81%
5 Credit Suisse 4,456.07 30 6.37%