Loan amendment first for Libor to Sofr switch

The first syndicated loan amendment to add language allowing the pricing benchmark to switch from Libor to the secured overnight funding rate (Sofr) has been launched.

  • By Mike Turner
  • 05 Jun 2019

If the amendment exercise is successful, the loan will implement the recommendations of the Federal Reserve’s Alternative Reference Rates Committee (ARRC) at the end of April.

This is the first time a company has tried to do this with a syndicated loan, according to Covenant Review, a credit ...

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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 172,528.37 447 11.43%
2 Bank of America Merrill Lynch 160,693.38 492 10.65%
3 Citi 96,418.79 281 6.39%
4 Wells Fargo Securities 85,095.68 309 5.64%
5 Mizuho 71,291.03 326 4.72%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 First Abu Dhabi Bank 2,481.46 9 9.72%
2 Standard Chartered Bank 2,311.00 7 9.05%
3 Citi 1,786.67 6 7.00%
4 Sumitomo Mitsui Financial Group 1,489.50 4 5.83%
5 MUFG 1,349.82 5 5.29%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,388.55 35 7.45%
2 Credit Agricole CIB 5,167.13 26 7.14%
3 Deutsche Bank 5,163.07 27 7.14%
4 Goldman Sachs 4,132.89 22 5.71%
5 JPMorgan 4,083.96 19 5.65%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 17,156.20 81 7.00%
2 Credit Agricole CIB 14,626.10 73 5.97%
3 Bank of America Merrill Lynch 13,982.20 42 5.71%
4 UniCredit 11,996.19 65 4.90%
5 SG Corporate & Investment Banking 11,443.33 58 4.67%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%