PE sponsors eager to bring new wave of loose deal documentation

Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year.

  • By Victor Jimenez
  • 15 Jan 2019

Sponsors want looser covenants better tailored to capture parts of the buy-side happy to pocket riskier paper this year, and will push for easier ways to sell the businesses they own, said sources.

“Of course, sponsors aren’t going to behave any differently,” said a leveraged finance banker in London. ...

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Bookrunners of European Leveraged Loans

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1 Credit Agricole CIB 484.94 3 17.32%
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3 SG Corporate & Investment Banking 194.57 2 6.95%
3 HSBC 194.57 2 6.95%
5 Natixis 174.13 2 6.22%

Bookrunners of European HY Bonds

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1 Citi 397.10 3 12.77%
2 JPMorgan 300.50 3 9.66%
3 Deutsche Bank 200.50 2 6.45%
4 Credit Agricole CIB 193.60 2 6.22%
5 UBS 187.50 2 6.03%

Bookrunners of Dollar Denominated HY Bonds

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1 Citi 3,219.24 22 10.20%
2 JPMorgan 2,544.70 20 8.06%
3 Credit Suisse 2,364.95 15 7.49%
4 Goldman Sachs 2,331.78 17 7.39%
5 Barclays 2,307.33 19 7.31%