Opinions split on potential for mezz to relieve LBO pressure

The largest mezzanine deal of 2011 has provided an unexpected opportunity for lenders to a major European LBO, although high yield bond and leveraged loan players dispute how much potential the previously dormant market might offer the nearly €5bn of further hung bridges seeking refinancing.

  • 19 Aug 2011

Some market participants see the €393.5m Securitas Direct mezz facility as only having been made possible by investor relationships and the desire of the underwriting group for the security firm’s Skr21bn (€2.3bn) LBO by Bain Capital and Hellman & Friedman to shed risk quickly.

Most remain sceptical about ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 20,542.69 67 10.85%
2 JPMorgan 18,820.53 50 9.94%
3 Bank of America Merrill Lynch 17,976.22 56 9.49%
4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%