Deal famine risks taking leveraged loan market into dangerous waters

The simple fact of demand outstripping supply — as evidenced by big cuts in margins in deals for Mivisa and Reynolds — is damaging the recovery of the leveraged loan market, bankers said this week.

  • 18 Feb 2011

Investor demand was such that the bookrunners on loans backing the LBO of Spanish tin can producer Mivisa were able to reverse flex the facility for the second time in as many weeks.

Meanwhile bookrunners on the Reynolds $2.7bn refinancing have been able to slash pricing by up ...

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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 15,256 32 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Wells Fargo Securities 1,276.60 4 17.08%
2 RBC Capital Markets 801.51 2 10.72%
3 Citi 783.55 4 10.48%
4 Credit Suisse 534.82 2 7.16%
5 SG Corporate & Investment Banking 497.64 2 6.66%