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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 80,818.31 235 11.57%
2 Bank of America Merrill Lynch 66,338.04 186 9.50%
3 Wells Fargo Securities 56,344.19 164 8.07%
4 JPMorgan 53,381.65 156 7.64%
5 Credit Suisse 44,872.46 115 6.43%