Dollar demand swarms for aggressive LBO debt

US investors have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel, with pricing coming tighter than initial thoughts despite aggressive covenant packages.

  • By David Bell
  • 19 Sep 2018

The $13.5bn of debt backing Blackstone’s acquisition of Financial & Risk, which will be renamed Refinitiv, was priced on Tuesday while books on AkzoNobel’s €6.5bn equivalent funding package for its buyout by Carlyle are set to close on Thursday.

The price movements in the Refinitiv deal showed that ...

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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%