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, with the agency predicting only “modest” deleveraging in its portfolio due to “necessary capex, margin pressures and constraints on revenue growth”.

  • 22 Dec 2011


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 5,997 17 15.40
2 Citi 4,679 16 12.02
3 Lloyds Bank 3,158 6 8.11
4 Bank of America Merrill Lynch (BAML) 3,104 10 7.97
5 Morgan Stanley 3,066 8 7.88

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 69,085.90 230 10.56%
2 JPMorgan 63,371.79 193 9.69%
3 Wells Fargo Securities 50,770.30 154 7.76%
4 Bank of America Merrill Lynch 50,061.19 163 7.66%
5 Credit Suisse 45,499.96 141 6.96%