The future’s Orange — but is it bright?

Apax Partners’ acquisition of Orange Switzerland kicked off 2012 for the European leveraged finance market, with six banks mandated to provide more than Sfr1bn of debt to back the buy-out. However, investors highlighted certain obstacles that bookrunners will have to overcome to ensure a successful syndication.

  • 13 Jan 2012

Citi, Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley and UBS will arrange the bond and loan financing. Exact terms have not been disclosed, though the bookrunners should decide on syndication strategy on Monday and one arranger said the plan
is to be out "sooner rather than later".

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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 117,398.62 338 11.04%
2 Bank of America Merrill Lynch 94,721.79 272 8.91%
3 JPMorgan 92,612.23 269 8.71%
4 Wells Fargo Securities 82,597.19 239 7.77%
5 Credit Suisse 69,442.99 183 6.53%