Fitch predicts long, hard slog for leveraged credits

Investors are right to back cable names and shun retail, according to the latest European leveraged credit update from Fitch published on December 22, with the agency predicting only "modest" deleveraging in its portfolio due to "necessary capex, margin pressures and constraints on revenue growth".

  • 06 Jan 2012
Even counting Fitch-rated names only, some €200bn of leveraged loans are due to mature between 2013 and 2016. The report, which looks in depth at 42 "credit opinions" — point-in-time opinions based on confidential information from asset managers — anticipates just a 10% reduction in total leverage before ...

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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 %
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  • Today
1 Citi 81,261.11 236 11.54%
2 Bank of America Merrill Lynch 66,433.81 187 9.43%
3 Wells Fargo Securities 57,637.40 170 8.18%
4 JPMorgan 53,570.42 158 7.61%
5 Credit Suisse 45,349.30 117 6.44%