Heat builds in US middle market as regulators loosen restraints

Billions of dollars are flowing into direct lending funds targeting US corporate loans to small and medium sized companies, despite signs of weakening underwriting. Unshackling leverage constraints on business development companies and reopening the CLO market to them after a two year absence may further overheat the market, say critics.

  • By David Bell
  • 13 Sep 2018

White Oak became the latest in a long list of US credit firms to raise money to put to work in US middle market corporate credit this week.

On Wednesday, the firm said it had raised $2.1bn to invest in directly originated private term loans, as well as ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 14,902.24 74 7.02%
2 Credit Agricole CIB 12,540.25 55 5.91%
3 Deutsche Bank 11,856.29 46 5.59%
4 Goldman Sachs 11,396.29 47 5.37%
5 JPMorgan 11,075.99 36 5.22%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 4,293.59 52 7.15%
2 Deutsche Bank 3,871.16 39 6.45%
3 Goldman Sachs 3,757.37 32 6.26%
4 JPMorgan 3,631.57 40 6.05%
5 Credit Suisse 3,406.43 36 5.67%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,476.08 137 9.95%
2 Credit Suisse 12,936.58 90 7.36%
3 Goldman Sachs 12,429.32 91 7.07%
4 Citi 12,061.47 102 6.87%
5 Bank of America Merrill Lynch 12,022.06 109 6.84%