BvD to clear at 94 but OIDs may fall further

The €505m of loans backing Charterhouse’s buyout of Dutch electronic publishing company Bureau Van Dijk’s (BvD) are expected to be allocated this week with an original issue discount (OID) of 94 on the €300m term loan ‘B’. The bookrunners have found their clearing price, having earlier marketed the deal at 98.5 — and having flexed the margins on the bullet tranche from 475bp to 500bp.

  • 07 Oct 2011

The sweetened yield on BvD brings it in line with Com Hem’s loan, on which arrangers also flexed the margin to 500bp and widened the discount to 94 last week. However, bankers and investors warned that discounts could be even larger for other deals in the primary market.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 10,727.09 36 12.76%
2 Barclays 8,051.97 24 9.58%
3 Bank of America Merrill Lynch 7,814.11 25 9.30%
4 JPMorgan 7,477.76 27 8.90%
5 Wells Fargo Securities 6,648.29 26 7.91%