US Bankruptcy reform may hit leveraged loans

Battle lines are being drawn as the US debates changes to its Bankruptcy Code with wide-reaching implications for the $1.2tr US leveraged loan market. Reformers think that too much power has passed to secured lenders, resulting in too many liquidations and not enough reorganisations. The industry, led by the Loan Syndications and Trading Association (LSTA), disputes the data and warns of higher prices for secured credit across the market.

  • By Nina Flitman
  • 23 Aug 2013

The American Bankruptcy Institute Commission has been charged with producing a report on a potential update of the code, given that the market has changed substantially since it was set up in 1978.

It has been prompted by a rise in the use of secured credit over ...

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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

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1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%