Generous debt baskets risk loan recovery prospects, says Fitch

Fitch Ratings said on Tuesday that the increasing ability of leveraged borrowers to add additional debt without investor pushback would adversely affect the recovery rates for lenders in the event of a default.

  • By David Bell
  • 16 Oct 2018
The rating agency highlighted on Tuesday the increasing ability of borrowers to expand the amount of debt they can incur without requiring the consent of lenders, because of loosening covenant restrictions, as well as stretching the limits of leverage ratio baskets by using loose definitions of Ebitda. Sponsors ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Swedbank 160.81 1 11.11%
1 Sumitomo Mitsui Financial Group 160.81 1 11.11%
1 SEB 160.81 1 11.11%
1 Nordea 160.81 1 11.11%
1 Natixis 160.81 1 11.11%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 200.50 2 12.59%
1 Deutsche Bank 200.50 2 12.59%
3 UniCredit 113.00 1 7.09%
3 Sumitomo Mitsui Financial Group 113.00 1 7.09%
3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 544.58 5 11.06%
2 JPMorgan 482.08 5 9.79%
3 Wells Fargo Securities 374.58 3 7.61%
3 Goldman Sachs 374.58 3 7.61%
5 SunTrust Robinson Humphrey Inc 366.66 4 7.45%