European Commission study sees no collusion in LBO market

A study presented to the European Commission on competition in European loan syndication found no evidence of collusion and no need for further investigations. Indeed, for most bankers, the balance of power seems so tilted to borrowers that it has helped erode deal documents and yields in recent years.

  • By Owen Sanderson
  • 10 Apr 2019

The report, produced by Europe Economics and published by the Commission on Tuesday, was supposed to review competition in the European syndicated loans market, focusing particularly on limited buyouts (LBOs) and project finance and infrastructure lending.

“Big picture, it’s pretty positive from the market’s perspective,” said Adam Freeman, ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.33%
2 JPMorgan 5,589.28 27 6.18%
3 Credit Agricole CIB 5,555.86 31 6.14%
4 Deutsche Bank 5,234.59 31 5.79%
5 BNP Paribas 4,989.41 40 5.52%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,051.77 21 9.34%
2 Deutsche Bank 2,970.40 18 6.85%
3 JPMorgan 2,822.43 22 6.51%
4 BNP Paribas 2,674.33 25 6.16%
5 Goldman Sachs 2,523.29 20 5.82%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,157.53 136 9.87%
2 Citi 16,616.67 131 9.55%
3 Bank of America Merrill Lynch 12,882.26 107 7.41%
4 Goldman Sachs 12,730.92 97 7.32%
5 Morgan Stanley 9,748.90 76 5.61%