Hurrah! Underwriting is back for good

The recent underwritten facilities for Premier Oil and K+S were more than just one-off deals. In fact, according to an overwhelming 74% of voters in our poll conducted over the last two weeks, these loans could herald the return of underwriting in Europe — an idea which seemed unthinkable just a few months ago, when many loans bankers predicted such a revival could take over a year.

  • 21 Apr 2009
UK company Premier Oil’s $550m loan became one of the first European underwritten facilities of the year in March — far earlier than many had expected — and the deal was quickly followed by a Eu1.14bn underwritten loan for Germany’s K+S. With only three banks providing the funding ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.70
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 40,734.72 129 11.35%
2 JPMorgan 32,938.92 93 9.18%
3 Wells Fargo Securities 30,907.51 87 8.61%
4 Bank of America Merrill Lynch 27,917.30 88 7.78%
5 Credit Suisse 22,890.32 71 6.38%