S&P warns on corporate leverage but investors eye growth

S&P Global Ratings said on Tuesday that a post-crisis borrowing binge has put US corporate leverage at an all-time high, leaving firms vulnerable to downgrades and defaults. But a strong US economy and receptive capital markets are soothing investor concerns for now at least.

  • By David Bell
  • 09 Oct 2018

S&P said that the median debt level among rated US corporate borrowers now exceeds the comparable level seen immediately before the last financial crisis. Companies have borrowed opportunistically, taking advantage of historically low interest rates as the US economy recovered, the analysts wrote.

But the reliance of high ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 5,767.46 29 6.76%
2 BNP Paribas 5,717.79 39 6.70%
3 Deutsche Bank 5,679.95 31 6.66%
4 JPMorgan 5,537.01 25 6.49%
5 Goldman Sachs 4,305.16 24 5.05%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.84%
2 Citi 2,783.23 20 7.35%
3 BNP Paribas 2,674.33 25 7.06%
4 JPMorgan 2,522.43 19 6.66%
5 Goldman Sachs 2,198.98 18 5.81%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,420.99 125 10.06%
2 Citi 13,883.41 115 9.06%
3 Bank of America Merrill Lynch 11,558.58 98 7.54%
4 Goldman Sachs 11,257.39 86 7.34%
5 Morgan Stanley 8,872.63 68 5.79%