Hastings show high yield market will finance insurance LBOs

Hastings Insurance Group raised £415m with high yield bonds on Monday to finance the takeover of 50% of its business by Goldman Sachs’s Merchant Banking division. Bankers claimed the deal was the first European insurance LBO to be financed in the high yield market.

  • By Stefanie Linhardt
  • 15 Oct 2013

The transaction furthers 2013’s trend of new sectors of the economy turning to high yield bonds.

“Financial institutions is a sector where the high yield investor base hasn’t seen buyouts,” the banker said, adding that it reminded him of the early days of the market when many deals introduced ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 12,508 23 18.18
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 94,444.52 266 11.16%
2 Bank of America Merrill Lynch 79,057.17 220 9.35%
3 Wells Fargo Securities 69,655.75 196 8.23%
4 JPMorgan 69,110.65 196 8.17%
5 Credit Suisse 56,930.26 144 6.73%