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 10,542 20 18.00
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.42
3 Citi 5,130 13 8.76
4 JP Morgan 4,681 6 7.99
5 Lloyds Bank 3,389 13 5.79

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 71,838.88 206 11.37%
2 Bank of America Merrill Lynch 61,812.39 171 9.78%
3 Wells Fargo Securities 50,159.53 146 7.94%
4 JPMorgan 49,089.37 141 7.77%
5 Credit Suisse 39,020.67 99 6.18%