Floating rate high yield: will the bid survive the summer?

Senior secured floating rate notes, largely in place of loans, have been the high yield bond market’s favourite gimmick in the first half of 2013.

  • By Stefanie Linhardt
  • 16 Aug 2013

Many an issuer that fancied a loan-style obligation, but without the maintenance covenants that are standard on loans, sold FRNs, pushing the total issued to €3bn-equivalent.

In July, another €1bn were issued, but there were hints that the party might be beginning to wane. Manutencoop, an Italian facilities management ...

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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 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 117,261.12 337 11.07%
2 Bank of America Merrill Lynch 94,721.79 272 8.94%
3 JPMorgan 92,612.23 269 8.74%
4 Wells Fargo Securities 82,597.19 239 7.80%
5 Credit Suisse 69,442.99 183 6.55%