S&P Downgrade Jolts Encompass...

  • 21 Jul 2002
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Roughly $10 million of Encompass Services' bank debt was believed to have traded out of the hands of an original lender in the 65 context, after Standard & Poor's downgraded the company's credit rating from B+ to B. Dealers said the name had fallen from the mid-70s, where it had been quoted before the report was issued last Tuesday.

The rating agency lowered the company's rating after it announced decreasing cash flow, EBITDA and revenue. Encompass Services is suffering from a total debt-to-EBITDA ratio of approximately 6.9 times, as well as soft industry fundamentals and intense pricing pressures, according to the report. Calls to Darren Miller, cfo, were referred to a spokesman, who did not return calls by press time.

  • 21 Jul 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 120,126.76 346 12.85%
2 Bank of America Merrill Lynch 99,988.41 288 10.70%
3 Wells Fargo Securities 88,516.28 265 9.47%
4 JPMorgan 69,113.88 208 7.39%
5 Credit Suisse 51,313.00 155 5.49%