High yield bonds relegate lev loans in fourth quarter

Global corporate high yield bond sales have outperformed corporate leveraged loans for the first time on record this quarter, with $51.8bn global high yield issuance so far — $1.6bn more than leveraged loan volumes for the quarter, according to Dealogic.

  • 27 Nov 2009

The closest that bonds have come to loans was in the first quarter of 1996, when leveraged loan sales totalled $23.8bn more than high yield bond. However, at $326.9bn year to date compared with $190.9bn for bonds, loans will still be on top for the year overall.

Bonds have ...

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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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Citi 80,818.31 235 11.57%
2 Bank of America Merrill Lynch 66,338.04 186 9.50%
3 Wells Fargo Securities 56,344.19 164 8.07%
4 JPMorgan 53,381.65 156 7.64%
5 Credit Suisse 44,872.46 115 6.43%