An Acuris Company
2019 North America Leveraged Loans League Table Report
Mario Marriott Senior Market Analyst [email protected] North America Leveraged Loans League Table Report 2019 An Acuris Company
Table of Contents Page Number
Market Commentary 3
Leveraged Loan Issuance – Quarterly 5
Leveraged Loan Issuance – by Use of Proceeds – 2018 vs. 2019 6
Largest 2019 Leveraged Loan Deals 7
Leveraged Loans League Tables 8-14
Institutional Loan Issuance – Quarterly 16
Institutional Loan Issuance – by Use of Proceeds 17
Institutional Loan Issuance – by Industry 18
Institutional Loans League Tables 19-25
Criteria & Disclaimer 26-29
2 North America Leveraged Loans League Table Report 2019 An Acuris Company
Market Commentary:
2019 Leveraged loan issuance totaled USD 902bn JPMorgan ranked No.1 in Debtwire’s 2019 North America Leveraged Loan Bookrunner and Lead Left With the 2019 financial year completed, the leveraged loan market League Tables observed a sizable regression compared to the previous year. According to Debtwire Par, leveraged loan issuance for 2019 closed at JPMorgan led the North America Leveraged Loan Bookrunner USD 902bn, which was a 36% drop from the USD 1.421tn closed in and Lead Left League Tables in 2019, capturing around 11% 2018. There were 1,834 leveraged loans raised in 2019, compared to and 24% market share by volume, respectively. Meanwhile, 2,344 loans closed throughout 2018. Institutional loan issuance also Bank of America claimed second place in the Bookrunner and dropped by 37% to USD 482bn in 2019 from USD 769bn in 2018. Lead Left League Tables. Barclays claimed the third spot in the Bookrunner table, while Credit Suisse claimed third place in the Lead Left table. Refinancing and repricing loans ended the year on an upswing, accounting for 48% of leveraged loan volume in 2019. Meanwhile, M&A-related loans contributed 35% of overall leveraged volume in On the institutional loan side, Credit Suisse, Barclays and 2019. Within institutional loan issuance, the main drivers were JPMorgan were the top three on the North America balanced compared to the overall leveraged market. M&A-related transactions finished at 46% of the total market, while refinancing and Institutional Loan Bookrunner League Table. JPMorgan repricing loans contributed 44%. topped the North America Institutional Loan Lead Left League Table, followed by Credit Suisse and Bank of America.
Charter Communications was a significant issuer of leveraged loan debt in 2019, contributing with a USD 15bn repricing and tenor extension loan closed in October. This was in addition to the USD 9.2bn refinancing deal closed in January. These two transactions were the largest syndicated leveraged loans of the year and funded around 3% of the overall leveraged loan market.
3 An Acuris Company
2019
Leveraged Loans*
*Subject to further updates as more data is collected North America Leveraged Loans League Table Report 2019 An Acuris Company
Leveraged Loan Issuance – Quarterly
600 800 Issuance 733 713 Number of deals 700 500 632 613
569 600 541 522 400 512 477 500 448 439 406
300 400 Number of of deals Number
Volume (USD bn) (USD Volume 509.6 300 433.3 200 370.6 378.7 353.0 290.4 294.2 200 266.6 238.7 235.7 229.0 100 171.3 100
0 0 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Source: Debtwire Par
5 North America Leveraged Loans League Table Report 2019 An Acuris Company
Leveraged Loan Issuance – Use of Proceeds – 2018 vs. 2019
500 2019 Volume 449.4 450 2018 Volume
400
359.4
350
) bn 300 273.4
250 236.1 Volume Volume (USD
200 181.3
150 136.8 130.0 114.2 100 93.5 77.1
48.4 50 45.0 31.0 20.0 12.9 16.4 9.9 13.6 1.2 19.7 2.5 6.1 0.7 0.2 1.6 0.1 6.1 9.8 5.0 8.4 3.8 3.3 1.5 0.1 2.0 1.1 1.1 0.7 0.4 0.0
0
LBO
SBO
MBO
Recap.
Spinoff
Merger
Repricing
Capital
Acquisition
Refinancing
Expenditure
Restructuring
DIP DIP Financing
Exit Financing Exit
Infrastructure
Exchange OfferExchange
Dividend Dividend Recap
Minority equity Minority
stake stake acquisition
RefinancingBond
Dividend Dividend Payment General Corporate General
Source: Debtwire Par
6 North America Leveraged Loans League Table Report 2019 An Acuris Company
Largest 2019 Leveraged Loan Deals
Charter Communications 15.0
Charter Communications 9.2
Diamond Sports Group 8.8
Johnson Controls 7.7
Refinitiv 6.5
Berry Global 5.6
Sunshine Luxembourg VII 5.5
PG&E 5.5
DaVita 5.5
Restaurant Brands 5.4
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Deal Size (USD bn)*
* Based on transactions where at least a portion of the deal was syndicated in the US
Diamond Charter Charter Johnson Sunshine Restaurant Sports Refinitiv Berry Global PG&E DaVita Communications Communications Controls Luxembourg Brands Group USA, Country of Syndication USA USA USA USA, UK USA USA, UK USA USA USA Switzerland Primary UOP Repricing Refinancing Acquisition LBO Repricing Acquisition LBO DIP Refinancing Refinancing
Close Date 24-Oct-19 24-Jan-19 23-Aug-19 30-Apr-19 19-Dec-19 1-Jul-19 25-Sept-19 1-Feb-19 12-Aug-19 19-Nov-19
To see all 2019 issuances click here (Par subscription required) Source: Debtwire Par 7 An Acuris Company
2019
Leveraged Loans League Table*
*Subject to further updates as more data is collected North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Leveraged Loans – Bookrunner
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - JPMorgan 84,434 446 11.12% 10.64%
2 - Bank of America 63,347 334 8.34% 9.44%
3 ▲2 Barclays Plc 42,846 207 5.64% 5.80%
4 - Credit Suisse Group AG 40,226 209 5.30% 5.84%
5 ▲2 Citi 39,352 200 5.18% 5.17%
6 - Goldman Sachs 38,030 215 5.01% 5.50%
7 ▼4 Wells Fargo & Co 37,128 180 4.89% 5.94%
8 ▲1 Royal Bank of Canada 33,795 177 4.45% 3.92%
9 ▼1 Deutsche Bank AG 31,025 188 4.09% 4.84%
10 ▲3 Bank of Montreal 26,088 189 3.44% 2.63%
11 ▼1 Morgan Stanley 24,702 150 3.25% 3.84%
12 ▼1 Truist Financial Corp 22,720 168 2.99% 3.22%
13 ▼1 Jefferies Group Inc 18,323 106 2.41% 2.68%
14 - Mitsubishi UFJ Financial Group Inc 17,652 89 2.32% 1.88%
15 - PNC Financial Services Group Inc 16,110 118 2.12% 1.80%
16 ▲4 Citizens Financial Group 15,803 157 2.08% 1.44%
17 - Antares Capital 15,585 219 2.05% 1.70%
18 ▲3 Fifth Third Bank 13,189 111 1.74% 1.26%
19 ▼1 HSBC 11,658 69 1.54% 1.55%
20 ▼1 BNP Paribas SA 10,597 69 1.40% 1.45%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 9 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Leveraged Loans – Lead Left
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 – JPMorgan 183,387 280 24.25% 23.91%
2 – Bank of America 109,188 123 14.44% 16.58%
3 – Credit Suisse Group AG 71,380 103 9.44% 9.37%
4 ▲1 Barclays Plc 40,197 50 5.32% 5.49%
5 ▲1 Wells Fargo & Co 38,245 51 5.06% 5.28%
6 ▲1 Citi 34,285 60 4.53% 4.93%
7 ▲1 Goldman Sachs 33,785 50 4.47% 4.38%
8 ▼4 Morgan Stanley 33,019 53 4.37% 5.72%
9 ▲1 Jefferies Group Inc 25,260 60 3.34% 2.93%
10 ▼1 Deutsche Bank AG 23,788 32 3.15% 3.61%
11 ▲2 Bank of Montreal 18,258 73 2.41% 1.48%
12 – Antares Capital 16,141 141 2.13% 1.97%
13 ▲1 PNC Financial Services Group Inc 15,994 68 2.12% 1.37%
14 ▲2 Truist Financial Corp 12,065 48 1.60% 1.27%
15 ▼4 Royal Bank of Canada 11,493 36 1.52% 2.19%
16 ▼1 UBS AG 8,854 25 1.17% 1.34%
17 ▲6 Citizens Financial Group 8,624 60 1.14% 0.46%
18 ▼1 KeyCorp 8,497 39 1.12% 0.94%
19 ▲2 TD Bank Group 6,032 9 0.80% 0.52%
20 ▼2 Mitsubishi UFJ Financial Group Inc 5,047 5 0.67% 0.84%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 10 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America M&A Leveraged Loans – Bookrunner
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 ▲2 Barclays Plc 15,042 83 6.29% 7.63%
2 ▼1 Bank of America 15,039 82 6.29% 8.08%
3 ▲2 Credit Suisse Group AG 14,338 80 6.00% 5.41%
4 ▼2 JPMorgan 14,268 75 5.97% 8.06%
5 ▲3 Royal Bank of Canada 13,230 68 5.53% 4.37%
6 ▲8 Antares Capital 12,280 167 5.14% 2.96%
7 ▼3 Goldman Sachs 11,740 68 4.91% 5.94%
8 ▼2 Deutsche Bank AG 10,428 69 4.36% 4.66%
9 - Jefferies Group Inc 9,669 53 4.04% 4.04%
10 ▲1 Bank of Montreal 8,775 83 3.67% 3.39%
11 ▼4 Citi 7,765 46 3.25% 4.46%
12 - Wells Fargo & Co 7,211 31 3.02% 3.37%
13 ▼3 Morgan Stanley 6,864 43 2.87% 3.49%
14 ▼1 Truist Financial Corp 6,404 53 2.68% 2.99%
15 - UBS AG 5,351 44 2.24% 2.40%
16 ▲8 Golub Capital Inc 4,926 42 2.06% 1.06%
17 - Macquarie Group Ltd 4,877 32 2.04% 1.92%
18 ▲14 Fifth Third Bank 4,541 35 1.90% 0.78%
19 ▲1 Citizens Financial Group 4,441 50 1.86% 1.36%
20 ▼1 BNP Paribas SA 3,985 28 1.67% 1.47%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 11 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America M&A Leveraged Loans – Lead Left
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - JPMorgan 36,252 43 15.23% 21.33%
2 ▲1 Credit Suisse Group AG 32,017 41 13.45% 10.59%
3 ▼1 Bank of America 31,253 36 13.13% 12.95%
4 - Barclays Plc 19,596 23 8.23% 7.86%
5 ▲1 Goldman Sachs 17,478 26 7.34% 5.09%
6 ▲4 Antares Capital 13,117 108 5.51% 3.69%
7 - Jefferies Group Inc 12,723 27 5.35% 4.86%
8 ▼3 Morgan Stanley 10,271 21 4.32% 5.25%
9 ▲2 Wells Fargo & Co 8,733 10 3.67% 2.94%
10 ▲2 Royal Bank of Canada 8,026 20 3.37% 2.48%
11 ▼3 Citi 7,526 14 3.16% 4.78%
12 ▲2 Bank of Montreal 6,138 32 2.58% 1.65%
13 ▼4 Deutsche Bank AG 3,941 13 1.66% 3.75%
14 ▼1 UBS AG 3,776 14 1.59% 2.09%
15 ▲4 Golub Capital Inc 3,095 15 1.30% 0.67%
16 ▲1 Truist Financial Corp 3,001 15 1.26% 1.16%
17 ▲4 HSBC 2,375 2 1.00% 0.57%
18 - Owl Rock Capital Partners LP 2,222 5 0.93% -
19 ▼1 BNP Paribas SA 2,022 5 0.85% 0.85%
20 - PNC Financial Services Group Inc 1,860 17 0.78% 0.57%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 12 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Buyout Leveraged Loans – Bookrunner
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - Barclays Plc 10,220 44 8.17% 7.89%
2 ▲3 Credit Suisse Group AG 8,462 47 6.76% 6.32%
3 ▲6 Antares Capital 7,698 74 6.15% 3.98%
4 ▼2 Royal Bank of Canada 7,285 37 5.82% 6.42%
5 ▲2 Bank of America 6,589 31 5.27% 4.35%
6 ▼2 Jefferies Group Inc 6,359 33 5.08% 6.32%
7 ▼1 Deutsche Bank AG 6,170 39 4.93% 5.14%
8 ▼5 Goldman Sachs 5,028 30 4.02% 6.34%
9 ▲1 Citi 4,246 21 3.39% 3.80%
10 ▲5 Macquarie Group Ltd 4,239 22 3.39% 2.16%
11 ▼3 Bank of Montreal 3,939 40 3.15% 4.10%
12 ▲4 JPMorgan 3,858 22 3.08% 2.07%
13 ▼1 UBS AG 3,448 25 2.76% 3.46%
14 ▲5 Golub Capital Inc 3,445 21 2.75% 1.58%
15 ▲2 Nomura Holdings Inc 2,573 15 2.06% 1.90%
16 ▲8 BNP Paribas SA 2,422 14 1.94% 1.02%
17 ▼6 Morgan Stanley 2,307 14 1.84% 3.73%
18 ▼5 Kohlberg Kravis Roberts & Co LP 2,226 11 1.78% 2.63%
19 ▲10 Ares Management LP 2,198 10 1.76% 0.91%
20 ▲10 Mitsubishi UFJ Financial Group Inc 2,128 13 1.70% 0.89%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 13 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Buyout Leveraged Loans – Lead Left
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - Credit Suisse Group AG 22,644 23 18.24% 15.03%
2 ▲1 JPMorgan 16,898 15 13.61% 11.44%
3 ▼1 Bank of America 14,167 14 11.41% 14.74%
4 ▲1 Barclays Plc 13,112 11 10.56% 9.22%
5 ▼1 Jefferies Group Inc 8,797 16 7.09% 9.36%
6 ▲1 Antares Capital 8,195 40 6.60% 4.64%
7 ▲4 Royal Bank of Canada 5,812 11 4.68% 3.45%
8 ▼2 Goldman Sachs 5,687 10 4.58% 7.07%
9 ▲1 Deutsche Bank AG 3,591 9 2.89% 3.52%
10 ▼1 Morgan Stanley 3,515 5 2.83% 3.75%
11 ▼3 Citi 2,466 5 1.99% 4.15%
12 - Owl Rock Capital Partners LP 2,222 5 1.79% -
13 ▲2 Golub Capital Inc 2,150 5 1.73% 0.93%
14 ▼2 UBS AG 2,000 4 1.61% 3.41%
15 - HSBC 1,750 1 1.41% -
16 ▼3 Bank of Montreal 1,564 12 1.26% 1.59%
17 ▼3 Wells Fargo & Co 1,525 2 1.23% 0.95%
18 ▲2 Ares Management LP 1,105 4 0.89% 0.44%
19 ▼3 BNP Paribas SA 1,000 2 0.81% 0.84%
20 ▼3 Truist Financial Corp 793 3 0.64% 0.75%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 14 An Acuris Company
2019
Institutional Loans*
*Subject to further updates as more data is collected North America Leveraged Loans League Table Report 2019 An Acuris Company
Institutional Loan Issuance – Quarterly
400
350
300 )
bn 250
200 Volume Volume (USD 335 150 270 257 264 228 100 188 187 170 154 151 160 152 128 128 123 108 119 118 50 101 95 90 82 71 51 45 37 38 38
0
1Q17 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19
Source: Debtwire Par
16 North America Leveraged Loans League Table Report 2019 An Acuris Company
Institutional Loan Issuance – Use of Proceeds – 2018 vs. 2019
250 238.0 233.1 2019 Volume 225 2018 Volume 200
175 )
157.2 bn 150
125
114.5 Volume Volume (USD 100.9 100 90.8
76.0 75 53.7 50 39.9 38.8 27.2 15.7 25 18.0 14.9 17.1 6.3 8.0 9.3 0.7 0.3 2.1 2.5 1.6 1.9 0.0 2.8 0.2 0.2 6.7 4.80.8 2.1 1.2 1.0 0.7 0.7 0.6 0.4
0
LBO
SBO
MBO
Recap.
Spinoff
Merger
Repricing
Acquisition
Refinancing
Restructuring
DIP DIP Financing
Exit Financing Exit
Infrastructure
Dividend Dividend Recap
acquisition
Refinancing Bond Refinancing
Dividend Dividend Payment
General Corporate General
Capital Capital Expenditure Minority equity stake equity Minority
Source: Debtwire Par
17 North America Leveraged Loans League Table Report 2019 An Acuris Company
Institutional Loan Issuance – Industry – 2019
60.6 60
55
50 45.5 45 41.2 40 38.6
38.2 36.2 )
bn 35
30 28.0
25 23.6 Volume Volume (USD 20 18.2 15.8 15.6 15 12.6 11.9 11.0 10.8 10.3 10 8.1 8.0 7.3 7.7 6.5 5.4 5.2 5 4.3 4.2 2.2 1.9 1.4 1.4 0.4 0.1
0
Media
Mining
Energy
Leisure
Utilities
Medical
Services
Defence
Real Estate Real
Automotive
Government
Construction
Biotechnology
Manufacturing
Transportation
Consumer: Consumer: Retail
Consumer: Consumer: Other
Consumer: Consumer: Foods
Financial Services Financial
Computer services Computer
Computer software Computer
Computer: Computer: Hardware
Industrial automation Industrial
Internet / ecommerce Internet /
Industrial: Electronics Industrial:
Chemicals and Chemicals materials
Medical:Pharmaceuticals
Computer: Computer: Semiconductors
Telecommunications: Carriers Telecommunications:
Industrial products and services andproducts Industrial Telecommunications: Hardware Telecommunications:
Source: Debtwire Par
18 An Acuris Company
2019
Institutional Loans League Tables*
*Subject to further updates as more data is collected North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Institutional Loans – Bookrunner
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 – Credit Suisse Group AG 35,016 184 7.65% 8.46%
2 ▲1 Barclays Plc 34,178 168 7.47% 7.35%
3 ▲1 JPMorgan 33,524 182 7.32% 7.32%
4 ▲1 Bank of America 33,252 187 7.26% 6.57%
5 ▼3 Goldman Sachs 31,201 182 6.82% 7.40%
6 ▲3 Royal Bank of Canada 26,005 134 5.68% 4.40%
7 ▼1 Deutsche Bank AG 24,787 155 5.41% 6.41%
8 – Citi 20,339 114 4.44% 4.59%
9 ▼2 Morgan Stanley 20,296 128 4.43% 5.66%
10 – Jefferies Group Inc 18,012 103 3.93% 4.33%
11 – Wells Fargo & Co 15,564 82 3.40% 3.22%
12 ▲1 Antares Capital 15,106 209 3.30% 2.69%
13 ▼1 UBS AG 9,884 73 2.16% 2.73%
14 – Truist Financial Corp 9,631 81 2.10% 2.35%
15 – Bank of Montreal 9,292 92 2.03% 2.17%
16 ▲4 Kohlberg Kravis Roberts & Co LP 6,900 47 1.51% 1.30%
17 ▲1 HSBC 6,749 43 1.47% 1.42%
18 ▼2 Macquarie Group Ltd 6,632 46 1.45% 2.02%
19 – BNP Paribas SA 6,338 44 1.38% 1.34%
20 ▲2 Mitsubishi UFJ Financial Group Inc 6,098 44 1.33% 1.16%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 20 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Institutional Loans – Lead Left
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 – JPMorgan 82,389 93 18.09% 16.38%
2 – Credit Suisse Group AG 68,778 95 15.10% 14.21%
3 – Bank of America 61,671 64 13.54% 12.43%
4 ▲1 Barclays Plc 35,334 45 7.76% 8.00%
5 ▼1 Morgan Stanley 31,764 51 6.98% 9.24%
6 – Goldman Sachs 29,940 46 6.57% 7.16%
7 ▲2 Jefferies Group Inc 25,070 59 5.51% 4.85%
8 ▲2 Antares Capital 15,829 136 3.48% 3.10%
9 ▼1 Citi 15,064 26 3.31% 4.94%
10 ▼3 Deutsche Bank AG 14,882 25 3.27% 5.26%
11 ▲2 Wells Fargo & Co 11,448 19 2.51% 1.30%
12 ▼1 Royal Bank of Canada 10,750 32 2.36% 2.75%
13 ▼1 UBS AG 8,834 25 1.94% 2.13%
14 ▲6 Golub Capital Inc 4,889 19 1.07% 0.44%
15 ▲20 HSBC 3,600 5 0.79% 0.06%
16 – Bank of Montreal 3,505 27 0.77% 0.75%
17 ▲2 TD Bank Group 3,010 3 0.66% 0.44%
18 ▲7 Citizens Financial Group 2,553 17 0.56% 0.29%
19 ▼4 Truist Financial Corp 2,447 12 0.54% 0.81%
20 ▲29 Owl Rock Capital Partners LP 2,199 5 0.48% 0.02%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 21 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America M&A Institutional Loans – Bookrunner
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - Barclays Plc 13,709 79 6.88% 8.80%
2 - Credit Suisse Group AG 13,684 76 6.87% 6.52%
3 ▲4 Bank of America 12,076 65 6.06% 5.00%
4 ▲6 Antares Capital 12,072 164 6.06% 3.94%
5 ▲1 Royal Bank of Canada 11,880 62 5.97% 5.09%
6 ▼3 Goldman Sachs 10,138 62 5.09% 5.99%
7 ▼3 Jefferies Group Inc 9,636 53 4.84% 5.47%
8 ▼3 Deutsche Bank AG 9,304 64 4.67% 5.31%
9 ▼1 JPMorgan 8,797 52 4.42% 4.82%
10 ▲1 Citi 6,341 39 3.18% 3.78%
11 ▲2 Bank of Montreal 6,026 60 3.03% 3.24%
12 ▼3 Morgan Stanley 5,728 40 2.88% 4.57%
13 ▼1 UBS AG 5,219 43 2.62% 3.32%
14 ▲5 Golub Capital Inc 4,895 42 2.46% 1.48%
15 ▼1 Macquarie Group Ltd 4,819 31 2.42% 2.71%
16 ▼1 Truist Financial Corp 4,569 39 2.29% 2.70%
17 ▼1 Wells Fargo & Co 4,493 22 2.26% 2.29%
18 ▲2 BNP Paribas SA 3,692 25 1.85% 1.45%
19 ▲2 Nomura Holdings Inc 3,560 24 1.79% 1.42%
20 ▼2 Kohlberg Kravis Roberts & Co LP 3,538 23 1.78% 1.69%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 22 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America M&A Institutional Loans – Lead Left
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - Credit Suisse Group AG 31,817 41 16.03% 14.39%
2 - JPMorgan 30,131 32 15.18% 13.14%
3 - Bank of America 20,690 24 10.42% 11.78%
4 - Barclays Plc 18,546 23 9.34% 10.02%
5 - Goldman Sachs 14,885 25 7.50% 7.28%
6 ▲2 Antares Capital 12,869 106 6.48% 4.90%
7 - Jefferies Group Inc 12,693 27 6.39% 6.95%
8 ▼2 Morgan Stanley 10,271 21 5.17% 7.12%
9 ▲3 Royal Bank of Canada 7,764 18 3.91% 2.89%
10 - Citi 6,266 11 3.16% 4.00%
11 - UBS AG 3,776 14 1.90% 3.06%
12 ▼3 Deutsche Bank AG 3,756 12 1.89% 4.77%
13 ▲2 Wells Fargo & Co 3,723 6 1.88% 0.96%
14 - Golub Capital Inc 3,045 15 1.53% 0.96%
15 ▲2 Bank of Montreal 2,772 18 1.40% 0.79%
16 ▲11 HSBC 2,375 2 1.20% 0.15%
17 – Owl Rock Capital Partners LP 2,199 5 1.11% -
18 ▲1 BNP Paribas SA 1,622 5 0.82% 0.71%
19 ▲7 Citizens Financial Group 1,216 11 0.61% 0.16%
20 ▼2 Ares Management LP 1,097 5 0.55% 0.73%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 23 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Buyout Institutional Loans – Bookrunner
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - Barclays Plc 9,121 43 7.89% 8.01%
2 ▲2 Credit Suisse Group AG 8,098 46 7.01% 6.60%
3 ▲4 Antares Capital 7,613 73 6.59% 4.48%
4 ▲1 Royal Bank of Canada 7,044 36 6.10% 6.45%
5 ▼3 Jefferies Group Inc 6,326 33 5.48% 7.12%
6 - Deutsche Bank AG 5,809 38 5.03% 5.13%
7 ▲3 Bank of America 5,807 28 5.03% 3.73%
8 ▼5 Goldman Sachs 4,971 30 4.30% 6.74%
9 ▲5 Macquarie Group Ltd 4,196 22 3.63% 2.51%
10 ▲2 Citi 3,801 21 3.29% 3.11%
11 ▲6 JPMorgan 3,702 20 3.20% 2.10%
12 ▼3 Bank of Montreal 3,505 35 3.03% 3.73%
13 ▲6 Golub Capital Inc 3,413 21 2.95% 1.72%
14 ▼3 UBS AG 3,353 25 2.90% 3.69%
15 ▲1 Nomura Holdings Inc 2,546 15 2.20% 2.24%
16 ▲6 BNP Paribas SA 2,422 14 2.10% 1.17%
17 ▼4 Kohlberg Kravis Roberts & Co LP 2,226 11 1.93% 2.96%
18 ▲6 Ares Management LP 2,178 10 1.89% 1.04%
19 ▼11 Morgan Stanley 2,038 13 1.76% 4.01%
20 ▲8 Mitsubishi UFJ Financial Group Inc 2,026 13 1.75% 0.79%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 24 North America Leveraged Loans League Table Report 2019 An Acuris Company
2019 North America Buyout Institutional Loans – Lead Left
2019 2018 Rank YoY Change Bank Volume (USD m) No. of Deals Market Share Market Share
1 - Credit Suisse Group AG 22,644 23 19.68% 17.64%
2 ▲2 JPMorgan 16,898 15 14.68% 10.20%
3 ▲2 Barclays Plc 12,062 11 10.48% 10.13%
4 ▼2 Bank of America 10,380 10 9.02% 12.86%
5 ▼2 Jefferies Group Inc 8,767 16 7.62% 10.68%
6 ▲1 Antares Capital 8,047 39 6.99% 5.19%
7 ▲5 Royal Bank of Canada 5,775 10 5.02% 2.88%
8 ▼2 Goldman Sachs 5,512 10 4.79% 8.25%
9 ▼1 Morgan Stanley 3,515 5 3.05% 4.41%
10 ▲1 Deutsche Bank AG 3,441 9 2.99% 2.90%
11 ▼1 Citi 2,466 5 2.14% 3.48%
12 - Owl Rock Capital Partners LP 2,199 5 1.91% -
13 - Golub Capital Inc 2,100 5 1.82% 1.09%
14 ▼5 UBS AG 2,000 4 1.74% 4.01%
15 - HSBC 1,750 1 1.52% -
16 ▼1 Bank of Montreal 1,437 11 1.25% 0.88%
17 - Ares Management LP 1,085 4 0.94% 0.45%
18 ▼4 BNP Paribas SA 1,000 2 0.87% 0.91%
19 ▼3 Truist Financial Corp 668 2 0.58% 0.51%
20 ▲5 Citizens Financial Group 469 5 0.41% 0.21%
Source: Debtwire Par
Methodology: to access, please click here (Par subscription required). 25 An Acuris Company
Criteria
The following loans were included
• Syndicated loans raised by financial institutions for corporate entities
• Syndicated loans that have signed, syndicated and reached general syndication close • Loans must be governed by a signed credit agreement. For bridge facilities, bank memo and document confirming payment of fees are acceptable forms of proof.
• Amendments requiring 100% lender vote (decrease in margins or fees, tenor extension (beyond three months), full release of collateral, full release of guarantor). Only incremental amounts will be included if an amendment increases deal size. Amendments with three-month or more tenor extension will be credited only once in a calendar year.
• In case of competing bids, only the deal backing the winning bid (once outcome is finalized) • In the case of bridge facilities that are replaced by a permanent syndicated loan, both will receive league table credit as long as the loan is signed 90 days after the bridge facility. Bridge facility also must be funded and have fees paid to leading lenders. For M&A transactions, only bridge facilities with a minimum maturity of 3 months will get M&A credit.
• Cancelled or withdrawn facilities, if the credit agreement has been signed, more than two banks have committed, arrangement fees have been paid and funds have been made available to the borrower
• Reissued facilities related to cancelled or withdrawn facilities only if they are syndicated and haven’t been included in previous league tables
• Loans that are refinanced or amended more than 90 days after the signing date of the original loan
The following loans were excluded • Loans underwritten among corporate entities • Bilateral transactions – Loans on which the bank group has all the banks affiliated with each other will be considered a bilateral transaction • Receivables purchase agreements • Self-arranged corporate loans without proof of common documentation and a coordinating bank • A transaction that was cancelled due to a failed concurrent capital markets event • Refinancings or amendments that occur less than 90 days of the original loan, except DIPs and exit financings • Coordinated series of bilaterals - two or more lines of credit simultaneously made available to the same borrower by banks on an individual basis
26 An Acuris Company
Criteria – Market Definitions
Country/Regions • Country of syndication is determined by the location/market into which the deal was sold. • For deals with tranches issued for different borrowers, country will be determined on a per tranche basis. • Country of syndication will not be determined by the registered domicile of an SPV outside of where the borrower’s main operational revenue is generated. • Country of risk will be determined based on the country in which the borrowing or guaranteeing group generates the majority of its operational revenue.
Leveraged • Loans will be classified as Leveraged based on a weighting of senior debt rating (BB+/Ba1 or lower) and current pricing level (Libor+200 or higher). In a case with an unrated borrower, pricing will be the determining factor. If pricing is not applicable to the current market trends, leverage levels may be considered on a deal-by-deal basis. • The following transactions will also be considered Leveraged: • Deals with a purpose of leveraged buyout, management buyout or sponsor to sponsor buyout. Traditional project finance, aircraft, ship and real estate finance will be excluded • Deals for private equity owned companies • Deals with second lien, PIK or mezzanine tranche(s) • Deals structured with tranches sold primarily to institutional investors • Debtwire reserves the right to determine whether a deal is classified as leveraged, on a deal by deal basis and will consider a number of factors, such as: type of institutional investor, leverage level, pricing, ownership, location, borrowing history and any other considerations available to us.
For our full criteria and all other queries, please email us at [email protected]
27 An Acuris Company
North America Leveraged Loans League Table Report
2019
DEBTWIRE PAR DEBTWIRE SALES Asia Pacific
Sadaf Khan, Global Head of Fixed Income Data, Jason Huang-Jones, Head of APAC Fixed Income Data, Natasha Brooks, [email protected] [email protected] Head of Fixed Income Sales, Americas [email protected] Colm (C.J.) Doherty, Global Head of Primary Market Analysis, Jonathan Reed, [email protected] Managing Director [email protected] Americas EMEA
Nancy Tai, Head of Americas Fixed Income Data, Darren Maharaj, Head of EMEA Fixed Income Data, [email protected] [email protected]
Mario Marriott, Senior Market Analyst, Diana Apedu, Market Analyst, [email protected] [email protected]
Vincent Daigger, Senior Market Analyst, Ben Watson, Market Analyst, [email protected] [email protected]
Victor Mukete, Market Analyst, Wafaa Makhrobi, Market Analyst, [email protected] [email protected]
28 An Acuris Company
Debtwire is an Acuris company
EMEA Americas Asia 10 Queen Street Place 1501 Broadway 16th Floor London 8th Floor Grand Millennium Plaza EC4R 1BE New York 181 Queen’s Road United Kingdom NY 10036 USA Central Hong Kong +44 (0)203 741 1000 +1 212 686 5340 + 852 2158 9790 [email protected] [email protected] [email protected]
Disclaimer
We have obtained the information provided in this report in good faith from sources that we consider to be reliable, but we do not independently verify the information. The information is not intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors, inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such liability is excluded to the fullest extent permitted by law. Data has been derived from company reports, press releases, presentations and Debtwire intelligence.