Covenant defence meltdown as levfin primary booms

Private equity firms and corporates are unloading speculative grade debt deals with loose terms, but investors still pocket them this week, suggesting that their recent resolve for discipline may be short-lived.

  • By Victor Jimenez
  • 19 Sep 2018

According to Moody’s data, released on Wednesday, its European covenant quality indicator has fallen to its lowest level this year at 3.74, dragged down particularly by large cross-border deals. Five out of six of those recent deals had the weakest score in their category.

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,345.59 90 7.61%
2 JPMorgan 16,881.55 58 6.64%
3 Deutsche Bank 15,679.29 58 6.17%
4 Credit Agricole CIB 14,093.65 67 5.55%
5 Goldman Sachs 13,902.00 61 5.47%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.83%
2 BNP Paribas 4,918.81 57 6.96%
3 Deutsche Bank 4,372.15 44 6.19%
4 JPMorgan 3,977.60 45 5.63%
5 Credit Suisse 3,757.05 40 5.32%

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%