Buyers rush into Johnson as floodgates open

The leveraged finance market is feasting on the $10.2bn financing for the buyout of Johnson Controls’ batteries business by Caisse de dépôt et placement du Québec. Levfin players believe its success is in part due to a lack of jumbo supply in the US prior to the trade.

  • By Silas Brown
  • 14 Mar 2019

The trade has senior secured bonds and loans in dollars, helmed by JP Morgan, and euros, which is being run by Barclays, plus an unsecured tranche led by Credit Suisse.

“It has gone very well, with huge demand across all tranches globally,” said one banker on the deal.

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 1,517.16 8 8.50%
2 Goldman Sachs 1,495.21 6 8.38%
3 Bank of America Merrill Lynch 1,011.25 5 5.67%
4 BNP Paribas 992.22 10 5.56%
5 Credit Agricole CIB 974.78 7 5.46%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 799.80 6 9.45%
2 JPMorgan 703.06 6 8.31%
3 Deutsche Bank 636.38 4 7.52%
4 BNP Paribas 554.64 4 6.55%
5 Goldman Sachs 489.41 4 5.78%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,208.64 47 10.79%
2 JPMorgan 6,501.33 48 9.73%
3 Bank of America Merrill Lynch 5,031.63 36 7.53%
4 Goldman Sachs 4,632.90 32 6.93%
5 Credit Suisse 4,381.07 29 6.56%