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‘Net short’ defence language could prove useless in bonds

Language to prevent ‘net short’ debt activist investors manipulating distressed corporates to benefit CDS positions could prove ineffective in bond documentation, shutting down the changes almost as soon as they have been introduced in the market.

  • By Owen Sanderson
  • 09 Jul 2019

Two deals so far seem to have the anti-short seller language — financing for Clayton, Dubilier & Rice’s buyout of US tech firm Sirius Computer Solutions, and for Blackstone, CPPIB and Kirkbi’s buyout of UK amusement park operator Merlin Entertainments.

In both cases, Chicago-based law firm Kirkland ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.40%
2 JPMorgan 5,589.28 27 6.25%
3 Credit Agricole CIB 5,555.86 31 6.21%
4 Deutsche Bank 5,084.59 30 5.68%
5 BNP Paribas 4,989.41 40 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.27%
2 JPMorgan 2,822.43 22 6.91%
3 Citi 2,783.23 20 6.81%
4 BNP Paribas 2,674.33 25 6.55%
5 Goldman Sachs 2,523.29 20 6.18%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 JPMorgan 17,093.24 135 10.06%
2 Citi 15,359.69 127 9.04%
3 Bank of America Merrill Lynch 12,650.81 105 7.45%
4 Goldman Sachs 12,435.18 94 7.32%
5 Morgan Stanley 9,748.90 76 5.74%