Post-crisis lev loan defaults see 71% recovery

The average recovery on European private equity-backed leveraged loans that defaulted between the fourth quarter of 2008 and the second quarter of 2010 was 71%, rising to 80% for senior debt only.

  • 27 Jul 2011

Recoveries rates in Europe, which have been published in a report by Moody’s, were slightly lower than the US, where the average was 75%.

Holders of junior debt in Europe had mean recoveries of 39% — with 59% for second-lien debt and 35% for mezzanine loans, which generally ...

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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 70,341.11 234 10.46%
2 JPMorgan 64,579.62 197 9.60%
3 Bank of America Merrill Lynch 51,474.08 169 7.65%
4 Wells Fargo Securities 51,322.59 157 7.63%
5 Credit Suisse 47,533.25 150 7.07%