Forward start kerfuffle shows loans market is back in motion

Loans bankers are squabbling over their market’s hot new structure, the forward start facility. Both sides have good points to make but the real significance lies in the argument itself: the debate is no longer about whether banks will ever lend anything to anyone ever again, but rather about competition for business.

  • 17 Feb 2009

Forward starts have been the fashion in Europe’s syndicated loan market since the start of the year, becoming a vital source of activity in a market largely devoid of new-money deals.

They first appeared during the current crisis — though they did exist previously as the awkwardly named ‘commitment ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Global Syndicated Loan Volume

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,121.03 52 15.89%
2 Bank of America Merrill Lynch 24,180.32 67 11.96%
3 Mizuho 9,935.55 34 4.91%
4 MUFG 9,041.37 66 4.47%
5 Wells Fargo Securities 8,066.57 36 3.99%

Bookrunners of Middle East and Africa Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 MUFG 766.21 2 8.47%
1 First Abu Dhabi Bank 766.21 2 8.47%
1 BNP Paribas 766.21 2 8.47%
1 Abu Dhabi Commercial Bank PJSC 766.21 2 8.47%
5 Standard Chartered Bank 409.06 1 4.52%

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 484.94 3 17.32%
1 BNP Paribas 484.94 3 17.32%
3 SG Corporate & Investment Banking 194.57 2 6.95%
3 HSBC 194.57 2 6.95%
5 Natixis 174.13 2 6.22%

Bookrunners of European Marketed Syndicated Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 6,045.16 4 18.58%
2 BNP Paribas 1,742.18 7 5.36%
3 Credit Agricole CIB 1,539.94 8 4.73%
4 MUFG 1,257.24 4 3.87%
5 SG Corporate & Investment Banking 1,165.08 6 3.58%

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%