Investors Embrace Covenant-Dodging Bonds

Bonds issued by Hovnanian Enterprises, Ply Gem and Nortek to pay off loans have all moved upward recently, despite the homebuilding-related companies' implied leverage ratio issues.

  • 15 Aug 2008
Bonds issued by Hovnanian Enterprises, Ply Gem and Nortek to pay off loans have all moved upward recently, despite the homebuilding-related companies' implied leverage ratio issues. Hovnanian's 11.5% '13 bonds were trading at 102-103 Thursday, up from 101 1/2-102 1/2 a week earlier. Ply Gem's 11.75% '13 bonds ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,256 32 16.83
2 Bank of America Merrill Lynch (BAML) 10,179 30 11.23
3 Citi 9,751 23 10.76
4 Lloyds Bank 7,329 24 8.09
5 JP Morgan 6,580 10 7.26

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Wells Fargo Securities 1,276.60 4 13.30%
2 RBC Capital Markets 801.51 2 8.35%
3 China Merchants Securities Co Ltd 788.68 2 8.21%
4 Citi 783.55 4 8.16%
5 Everbright Securities Co Ltd 708.94 1 7.38%