ARRC releases recommended Libor fallbacks for loans and bonds

The Alternative Reference Rates Committee (ARRC) issued recommendations for Libor replacement at the end of April, indicating that it believes the market should effectively self-regulate when it comes to picking a new benchmark for floating rate debt contracts.

  • By Alexander Saeedy
  • 25 Apr 2019

After the UK’s Financial Conduct Authority announced in 2017 that banks would no longer be compelled to report Libor rates after 2021, Libor replacement provisions in both loans and floating notes have tended to give borrowers some measure of discretion in choosing a new rate.

The ARRC’s recommendations ...

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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 8.91%
2 Deutsche Bank 3,332.06 20 7.33%
3 BNP Paribas 2,987.66 27 6.57%
4 JPMorgan 2,855.76 23 6.28%
5 Goldman Sachs 2,523.29 20 5.55%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,276.28 137 9.81%
2 Citi 16,735.42 132 9.50%
3 Bank of America Merrill Lynch 12,882.26 107 7.31%
4 Goldman Sachs 12,730.92 97 7.23%
5 Morgan Stanley 9,867.65 77 5.60%