OIDs Boost Up Front Fees

  • 08 Dec 2001
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Up-front fees for institutional tranches bounced up in September as the trend of deals with original issue discounts continued. September's three-month rolling average showed the biggest increase in fees (those commited at the lowest tier) to 9.7 basis points while October dipped a bit to 8.1 basis points and November shot up again to 11.5 basis points. These levels represent the average retail and institutional up-front fees for each million commited to acquisition related highly leverage loans for a rolling three-month average

Marc Auerbach, analyst at Portfolio Management Data, explained the research entity decided to include the original issue discounts into the data beginning in September so that the up-front fee information would reflect a now well-established market trend. "Now they're becoming more and more a part of the market," said Auerbach, regarding the use of original issue discounts as disguised up-front fees. "Twenty basis points [upfront fee] can now go up to 200 basis points with an original issue discount." Auerbach explained the dip in institutional fees in October to an increased number of loans in the market, decreasing the influence of OID deals on the fee averages. Fees on pro rata remained steady as the market has not seen much activity

  • 08 Dec 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 330,700.22 1283 8.07%
2 JPMorgan 323,941.31 1398 7.91%
3 Bank of America Merrill Lynch 298,038.11 1018 7.27%
4 Barclays 250,341.26 930 6.11%
5 Goldman Sachs 220,211.32 736 5.37%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 46,720.95 183 6.95%
2 JPMorgan 44,545.29 93 6.63%
3 UniCredit 36,248.22 154 5.39%
4 Credit Agricole CIB 33,820.44 161 5.03%
5 SG Corporate & Investment Banking 33,798.79 128 5.03%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,792.73 61 8.93%
2 Goldman Sachs 13,469.15 66 8.72%
3 Citi 9,908.67 56 6.42%
4 Morgan Stanley 8,471.86 53 5.49%
5 UBS 8,248.12 34 5.34%