• Leveraged loan issuance totals $723.52 billion in 2007
New York, Dec. 31 - JPMorgan was the top arranger of leveraged loans for 2007, its second consecutive year in the number one position, according to data compiled by Prospect News.
The bank finished the year with $108.84 billion of loans brought to market, $9.14 billion ahead of Citigroup in second place with $99.69 billion.
JPMorgan had also placed first in 2006.
Banc of America came in behind with a notably smaller $85.14 billion of deals. It fell back from its second place in 2006 while Citigroup moved up from third in 2006.
Goldman Sachs jumped to fourth place for the year just completed from sixth a year earlier, while Credit Suisse slipped to fifth from fourth in 2006.
Total issuance for the year rose to $723.52 billion from $612.27 billion in 2006, a gain of 18%.
However the fourth quarter slowed markedly from the year before, finishing at $154.99 billion compared to $169.85 billion in 2006.
December had $66.23 billion of deals, down from $71.18 billion in the same month of 2006.
The Prospect News figures cover dollar-denominated deals in the United States. Credit for deals is divided among the lead arrangers.
2007
2006 Comparables
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | JPMorgan | 108.838 | 193 | 15.04% | 1 | 105.691 | 205 | 17.26%
|
| 2 | Citigroup | 99.694 | 113 | 13.78% | 3 | 79.551 | 100 | 12.99%
|
| 3 | Banc of America | 85.139 | 177 | 11.77% | 2 | 82.910 | 185 | 13.54%
|
| 4 | Goldman Sachs | 60.438 | 99 | 8.35% | 6 | 32.556 | 73 | 5.32%
|
| 5 | Credit Suisse | 59.261 | 146 | 8.19% | 4 | 55.919 | 145 | 9.13%
|
| 6 | Lehman | 37.743 | 73 | 5.22% | 12 | 15.997 | 53 | 2.61%
|
| 7 | Deutsche Bank | 34.837 | 73 | 4.81% | 5 | 35.047 | 82 | 5.72%
|
| 8 | Merrill Lynch | 32.641 | 51 | 4.51% | 9 | 20.473 | 50 | 3.34%
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| 9 | Wachovia | 29.184 | 81 | 4.03% | 8 | 22.286 | 82 | 3.64%
|
| 10 | UBS | 22.884 | 70 | 3.16% | 11 | 17.146 | 67 | 2.80%
|
| Total | 723.521 | 975 | 612.274 | 1009
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| Average size: | 0.742 | 0.607 |
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| Fourth quarter
|
| | | | | 2006 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Citigroup | 25.534 | 16 | 16.48% | 4 | 19.984 | 22 | 11.77%
|
| 2 | Goldman Sachs | 20.267 | 12 | 13.08% | 5 | 11.999 | 18 | 7.06%
|
| 3 | JPMorgan | 16.822 | 34 | 10.85% | 1 | 33.029 | 46 | 19.45%
|
| 4 | Banc of America | 14.834 | 33 | 9.57% | 2 | 24.075 | 42 | 14.17%
|
| 5 | Lehman | 10.544 | 10 | 6.80% | 13 | 3.598 | 9 | 2.12%
|
| 6 | Credit Suisse | 10.480 | 14 | 6.76% | 3 | 20.142 | 40 | 11.86%
|
| 7 | Morgan Stanley | 8.638 | 13 | 5.57% | 8 | 6.527 | 14 | 3.84%
|
| 8 | Merrill Lynch | 6.571 | 11 | 4.24% | 10 | 5.133 | 7 | 3.02%
|
| 9 | Wachovia | 6.446 | 17 | 4.16% | 9 | 6.486 | 22 | 3.82%
|
| 10 | UBS | 4.330 | 6 | 2.79% | 12 | 3.831 | 16 | 2.26%
|
| Total | 154.986 | 166 | 169.850 | 230 |
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| Average size: | 0.934 | 0.738 |
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| December
|
| | | | | 2006 Comparables
|
| Lead | Amount | No. | Share | Rank | Amount | No. | Share
|
| 1 | Banc of America | 3.792 | 11 | 20.10% | 3 | 2.695 | 7 | 10.90%
|
| 2 | JPMorgan | 2.700 | 6 | 14.31% | 2 | 4.045 | 7 | 16.37%
|
| 3 | Goldman Sachs | 2.350 | 2 | 12.45% | 6 | 1.897 | 4 | 7.68%
|
| 4 | Wachovia | 2.315 | 7 | 12.27% | 9 | 0.588 | 3 | 2.38%
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| 5 | Citigroup | 1.750 | 1 | 9.27% | 4 | 2.294 | 6 | 9.28%
|
| 6 | HCP | 1.000 | 1 | 5.30% |
|
| 7 | KEY | 0.589 | 2 | 3.12% | 25 | 0.075 | 1 | 0.30%
|
| 8 | Beal | 0.493 | 1 | 2.61% |
|
| 9 | GECC | 0.492 | 2 | 2.61% | 14 | 0.263 | 3 | 1.06%
|
| 10 | Merrill Lynch | 0.366 | 2 | 1.94% |
|
| Total | 66.232 | 55 | 71.182 | 88 |
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| Average size: | 1.204 | 0.809 |
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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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