GLOBAL SYNDICATED LENDING UP 10% FROM 2012
Global syndicated lending for the first quarter of 2013 reached US$833.1 billion, representing a 9.5% increase from the first quarter of 2012. Lending activity during the first quarter of 2013 saw a 10% decrease from the fourth quarter of last year. Just over 1,700 transactions closed during the first quarter of 2013, a decrease of 24% compared to the first quarter of 2012.
EUROPEAN BORROWERS TOP QUARTERLY LOANS
A US$12.6 billion loan financing package for Italy's Enel SpA and and a $11.6 billion refinancing for France's Alstom SpA topped the list of syndicated loans during the first quarter of 2013.
US LENDING ACCOUNTS FOR 56% OF ACTIVITY
Americas loans accounted for 60% of global loan volume during the first quarter of 2013, as lending in the region increased by 25% from the same period last year. Within the Americas, loan volume in the United States totaled US$470.2 billion, up 30% compared to the same period last year and representing 56% of global volume. Europe accounted for 22% of global volumes as lending increased by 28% over the first quarter of 2012. Asia Pacific and Japanese fundraising saw year-over-year declines of 3% and 38%, respectively.
ENERGY & POWER, INDUSTRIALS & FINANCIALS LEAD LENDING
Borrowing in the Energy & Power sector totaled US$140.3 billion during the first quarter of 2013, accounting for 17% of global loan activity – on par with first quarter 2012 levels. Consumer Staples and High Technology lending led the declining sectors during the first quarter, down 12% compared to the same time last year. Energy & Power, Industrials, Financials and Materials together accounted for 55% of first quarter syndicated loan volume.
JP MORGAN TOPS BOOKRUNNER RANKINGS
JP Morgan maintained the top ranking for global bookrunners, by proceeds, with US$85.0 billion from 256 transactions during the first quarter of 2013, an increase of 1.5 market share points compared to the first quarter of 2012. Bank of America Merrill Lynch followed, with US$79.1 billion from 293 transactions, or 10.8% of overall loan proceeds during the first quarter of 2013.
SYNDICATED LENDING FEES FALL UP 35%
According to Thomson Reuters/Freeman Consulting, fees from global syndicated loans totaled US$4.2 billion during the first quarter of 2013, an increase of 33% from this time last year. Fees from leveraged lending increased 63% compared to the first quarter of 2012 and accounted for 87% of all lending fees during the first quarter of 2013.