Sappi draws in orders with 13.25% guidance

Sappi, the South African paper firm which is refinancing bank debt, is expected to price up to $720m of bonds on Friday lunchtime — more than originally planned — while the refinancing of its revolver and term loans will close shortly afterwards.

  • 23 Jul 2009

The five year non-call three year dual tranche issue, which carries expected ratings of Ba2/BB, was originally sized at $500m, and market participants believe that the level of demand shown for the deal shows the increasing buoyancy of the high yield market in Europe.

Although the 13% area appears ...

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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 18.96
2 BNP Paribas 1,434 4 13.55
3 Goldman Sachs 1,392 3 13.15
4 Barclays 1,097 2 10.37
5 Morgan Stanley 1,094 2 10.34

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,143.40 61 10.83%
2 JPMorgan 17,535.24 47 10.47%
3 Wells Fargo Securities 16,128.82 45 9.63%
4 Bank of America Merrill Lynch 15,717.90 52 9.38%
5 Barclays 11,929.65 41 7.12%