Strike up the band! Underwriting returns to European syndicated loan market

Underwritings have been absent in the loan market over the last six months. New money lending has been dominated by clubbed and short-term term transactions. But K+S’s Eu1.4bn loan — for its $1.7bn takeover of Morton Salt — is different, the first proper underwrite seen in Europe this year. But while it is undoubtedly encouraging news, it’s too early to tell whether it heralds a return to the good old days in the syndicated loan market.

  • 07 Apr 2009
Underwriting has been a hot topic of conversation in the European loan market since the start of the year, mainly because of its absence. The US has seen Pfizer and Merck secure underwritten jumbos of $22.5bn and $8.5bn, respectively. But Europe has lagged. Its biggest new money deals ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,052.17 16 6.91%
2 UniCredit 3,888.71 20 6.63%
3 Credit Suisse 3,501.18 16 5.97%
4 Barclays 3,348.56 16 5.71%
5 Deutsche Bank 2,972.40 12 5.07%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,645.90 69 7.02%
2 Morgan Stanley 16,238.66 58 6.85%
3 JPMorgan 16,212.01 56 6.83%
4 Bank of America Merrill Lynch 15,866.43 43 6.69%
5 Citi 14,586.71 61 6.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,573.24 61 11.14%
2 Bank of America Merrill Lynch 14,541.23 37 10.40%
3 JPMorgan 14,141.75 39 10.11%
4 Morgan Stanley 13,540.57 44 9.68%
5 Citi 13,289.84 49 9.50%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,768.78 13 10.71%
2 UniCredit 2,555.78 10 7.26%
3 Deutsche Bank 2,505.35 8 7.12%
4 SG Corporate & Investment Banking 2,239.57 9 6.36%
5 Credit Suisse 2,135.65 6 6.07%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 UBS 2,355.83 6 21.09%
2 Credit Agricole CIB 2,031.40 2 18.18%
3 SG Corporate & Investment Banking 1,447.57 4 12.96%
4 JPMorgan 657.14 4 5.88%
5 Barclays 505.57 3 4.53%