Stricken by loans, firms turn to equity market

Several western European borrowers are turning to rights issues to pay down their syndicated loans, a stark reminder of the poor refinancing prospects for triple-B credits and the difficulties they face staying within their covenants.

  • 30 Jan 2009
Rio Tinto, the Anglo-Australian miner, Xstrata, the Anglo-Swiss mining group, and Cookson, the UK building materials company, this week each announced an equity raising or the possibility of such a move.Rio Tinto said on Wednesday that it was considering a A$6bn ($4bn) rights issue to help take out ...

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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 20.69
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 8.77

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 48,566.71 153 10.76%
2 JPMorgan 41,016.11 115 9.09%
3 Wells Fargo Securities 37,344.94 107 8.27%
4 Bank of America Merrill Lynch 33,736.81 108 7.47%
5 Credit Suisse 28,660.69 86 6.35%