• Leveraged loan issuance totals $274.46 billion year to date
New York, April 30 - JPMorgan held on to first place among arrangers of leveraged loans for the year so far, according to data compiled by Prospect News.
Meanwhile market activity continued to far outstrip 2006's pace.
So far this year, JPMorgan has acted as lead on $51.98 billion of deals, giving it a 19% share of the market.
Banc of America remains in second place at $37.65 billion, although it came in first for April with a lead of just above $1 billion compared to JPMorgan.
JPMorgan has now taken the top spot in the year-to-date rankings for three straight months. Banc of America was first in January while JPMorgan placed number one for all of 2006.
Issuance for 2007 so far is $274.46 billion, 42% above the $193.91 billion for the first four months of 2006.
April's volume was $69.16 billion, 53% more than the $45.12 billion in April a year earlier.
Despite the strong flow of new deals, April was down from March's $80.87 billion and February's $75.66 billion, although higher than January's $48.77 billion. Even so, April did however beat all but two of the months in 2006.
Among the month's notable transactions were Tribune Co.'s $10.1 billion facility via JPMorgan, Merrill Lynch, Citigroup and Banc of America; Kinder Morgan Inc.'s $7.3 billion financing via Citigroup, Goldman Sachs, Deutsche Bank, Wachovia and Merrill Lynch; Las Vegas Sands Corp.'s $5 billion of bank debt through Goldman Sachs, Lehman Brothers and Citigroup; Boyd Gaming Corp.'s $4 billion revolver via seven lead arrangers; and Swift Transportation Co.'s $2.62 billion loan via Morgan Stanley, Wachovia and JP Morgan.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
Year to date 2007
2006 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | JPMorgan | 51.978 | 75 | 18.94% | 3 | 30.634 | 66 | 15.80%
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| 2 | Banc of America | 37.651 | 73 | 13.72% | 1 | 32.488 | 63 | 16.75%
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| 3 | Credit Suisse | 27.054 | 77 | 9.86% | 4 | 14.994 | 42 | 7.73%
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| 4 | Goldman Sachs | 23.723 | 59 | 8.64% | 7 | 6.999 | 19 | 3.61%
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| 5 | Citigroup | 22.523 | 44 | 8.21% | 2 | 32.116 | 38 | 16.56%
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| 6 | Merrill Lynch | 20.029 | 25 | 7.30% | 10 | 4.473 | 14 | 2.31%
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| 7 | Deutsche Bank | 19.508 | 36 | 7.11% | 5 | 14.498 | 33 | 7.48%
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| 8 | Lehman | 14.318 | 35 | 5.22% | 11 | 3.966 | 14 | 2.05%
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| 9 | Wachovia | 11.398 | 31 | 4.15% | 6 | 8.722 | 31 | 4.50%
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| 10 | Morgan Stanley | 8.700 | 21 | 3.17% | 8 | 6.853 | 11 | 3.53%
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| Total | 274.464 | 392 | 193.912 | 327 |
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| Average size: | 0.700 | 0.593 |
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| April 2007
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| | | | | 2006 Comparables
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| Lead | Amount | No. | Share | Rank | Amount | No. | Share
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| 1 | Banc of America | 10.523 | 19 | 15.22% | 1 | 9.960 | 16 | 22.07%
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| 2 | JPMorgan | 9.375 | 13 | 13.56% | 2 | 7.849 | 15 | 17.40%
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| 3 | Citigroup | 9.000 | 13 | 13.01% | 4 | 4.516 | 7 | 10.01%
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| 4 | Goldman Sachs | 5.614 | 13 | 8.12% | 5 | 3.522 | 7 | 7.81%
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| 5 | Lehman | 5.520 | 12 | 7.98% | 7 | 1.353 | 5 | 3.00%
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| 6 | Credit Suisse | 5.444 | 17 | 7.87% | 3 | 5.470 | 13 | 12.12%
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| 7 | Merrill Lynch | 5.311 | 6 | 7.68% | 12 | 0.653 | 4 | 1.45%
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| 8 | Deutsche Bank | 4.409 | 8 | 6.37% | 6 | 2.352 | 11 | 5.21%
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| 9 | Wachovia | 4.279 | 10 | 6.19% | 8 | 1.192 | 8 | 2.64%
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| 10 | UBS | 1.817 | 7 | 2.63% | 13 | 0.595 | 3 | 1.32%
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| Total | 69.160 | 86 | 45.118 | 83 |
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| Average size: | 0.804 | 0.544 |
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| Prospect News Leveraged Loan Arranger Rankings
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Criteria
• The tables include dollar-denominated deals offered in the United States and reported to Prospect News.
• Deals must be $75 million or bigger for inclusion.
• All loans are leveraged: either the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.
• Includes amended and restated loans where the maturity or size is changed but not repricings.
• Offerings are included in the time period in which the bank meeting was held (if available), otherwise the earlier of settlement date or date reported to Prospect News.
• Numeric totals are for the number of deals (not tranches).
• DIP facilities are included; bridge loans are excluded.
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