Taint of ‘bait and switch’ in the loan market helps no one

Europe’s loan market is still capable of funding big deals — but these transactions are not easy, and lending appetite is still constrained. Bankers are angry, therefore, at a new form of ill-discipline they believe has crept in to this normally civilised market. This is the ‘bait and switch’, in which banks offer borrowers a low rate to win the mandate, only to put it up before launch.

  • 05 Aug 2008

Since the credit crunch hit, the European loan market has been impressive in its resilience compared with other financial sectors.

Not only have deals continued to happen, but the market has churned out some of its biggest ever jumbo transactions, such as the $55bn loan for Anglo-Australian miner BHP ...

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Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 302,867.56 834 10.89%
2 Bank of America Merrill Lynch 261,712.78 872 9.41%
3 Citi 164,779.53 496 5.93%
4 Wells Fargo Securities 144,849.02 567 5.21%
5 MUFG 113,357.50 647 4.08%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,471.92 10 7.34%
2 Standard Chartered Bank 3,339.74 12 7.06%
3 JPMorgan 3,173.44 8 6.71%
4 Mizuho 2,818.52 8 5.96%
5 Sumitomo Mitsui Financial Group 2,575.67 5 5.44%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 13,554.26 61 7.08%
2 Deutsche Bank 11,901.17 45 6.22%
3 Credit Agricole CIB 11,825.01 52 6.18%
4 Goldman Sachs 10,865.30 45 5.68%
5 UniCredit 10,484.86 60 5.48%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.56%
2 BNP Paribas 32,284.10 130 6.51%
3 UniCredit 26,992.47 123 5.44%
4 SG Corporate & Investment Banking 26,569.73 97 5.36%
5 Credit Agricole CIB 23,807.36 111 4.80%

Syndicated Loan Revenue - EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2016
1 HSBC 35.45 69 6.71%
2 BNP Paribas 31.67 78 5.99%
3 ING 31.21 74 5.90%
4 Citi 22.60 36 4.27%
5 Deutsche Bank 21.89 32 4.14%