The pro rata piece of Merrill Lynch's $900 million credit backing industrial packager Grief Brother's acquisition of Huhtamaki Van Leer traded up after the deal closed recently, providing a glimmer of hope for credits in what has been a brutal pro rata market. "The pro rata traded inside the fees," said a participant banker, noting that the deal carried commitment fees of 5/8% and 1/2% on commitments of $25 million and $15 million, respectively. The credit's $400 million term "B" blew out quickly after the February launch as 60 accounts clamored to get a piece of the BB/Ba3 credit, which traded around 1001/2 after close.
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Most Viewed: Securitization
Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|2||Bank of America Merrill Lynch (BAML)||8,059||25||11.25|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|2||Bank of America Merrill Lynch||86,347.40||249||9.04%|
|4||Wells Fargo Securities||77,934.65||225||8.15%|