In Some Respects, a Return to Normalcy

This week Dealogic published its first half 2010 Bookrunner and MLA Tables for Syndicated Shipping Loans and the news was still dismal but in some respects hopeful. In terms of the big picture, while dollar volumes continued their downward trend, the number of deals in the first half actually increased slightly indicative of, perhaps, less capacity or more focused lending. While the number of club deals increased slightly, from 19 to 23, the deal value declined in proportion to total volume intimating at the revival of the larger syndications. And finally, approximately 90% of the dollar volume was new business rather than refinancings, which is indicative of an improving credit market. Illustrative data are shown graphically herein.

But, for our readers, it is truly the standings that matter as they represent a scorecard of their performance for the first half of the year. While there was shifting in the standings compared to a year ago, the bookrunner table remained relatively stable. Mitsubishi UFJ displaced its fellow Japanese bank, SMBC for the pole position, while DnB NOR moved into second pushing Nordea into the 4th spot. Outsiders from a year ago, Credit Agricole CIB and ABN AMRO found spots in the top ten this time around. In terms of number of deals, DnB and Mizuho had a substantial lead recording 9 and 8 deals respectively far outpacing the remaining bookrunners. Finally, market share is clearly more concentrated at the top compared to the comparable period last year.
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Written by: marinemoney | Categories: Freshly Minted, The Week in Review | July 8th, 2010 | Add a Comment

More Normal?

Dealogic released its first half tables on Wednesday and they resembled, at least in terms of names, what we more typically expect, particularly in the case of the bookrunner table. Nevertheless, the newcomers from the 1st quarter did retain positions on the leader board. Total deal value grew to $17.5 billion comprised of 50 deals, versus the year earlier $43.1 billion comprised of 165 deals, continuing an expected trend. However on a quarter over quarter comparison, transaction volume declined a substantial 47.3% this year marking an even more worrisome trend.

The top 20 bookrunner table underwent the most change as it filled out from 8 banks in the first quarter to 17 in the first half. SMBC held on to first position increasing its volume by 71% and its market share to 6.5%. Nordea returned jumping to 2nd place with a 3.5% market share. SBI Capital fell to 3rd place with Mizhuo and DnB NOR rounding out the top 5. DnB Nor’s placement is significant and representative of its size and importance as its lending, oft repeated, is strictly limited to run-off. In addition to Nordea, the usual European suspects are back, including KfW, BNP Paribas, HSBC, Deutsche Bank, Citi, SG CIB and Calyon. RHB Investment Bank of Malyasia and Axis Bank of India were new entrants and added to the already significant Asian representation.

Written by: carisk | Categories: Freshly Minted, The Week in Review | July 9th, 2009 | Add a Comment

Stolt Nielsen Can’t Wait to Celebrate Hard-earned Success

It’s remarkable what happens when momentum shifts. This week Stolt Nielsen released certain unaudited financial information regarding its anticipated results for the fourth quarter and full year ended November 30, 2004. SNSA expects to report income before tax provision and minority interest for the fourth quarter of $48 million to $54 million. For the full year, SNSA expects to report income before tax provision and minority interest of $83 million to $89 million, about $60 million of which comes in from the transportation group which includes the parcel tankers. The outlook for 2005 also looks good with contracts of affreightment being renewed at “significantly higher rates.”

Moreover, the tank container division (which Jefferies was mandated to sell but was subsequently taken off the market when Stolt realized it would not need the cash) saw further improvements in margins as the business is benefiting from a strong market.

Here are a few highlights of Stolt’s major presence on the Oslo Stock Exchange:

• SNSA is the 3rd largest non-Norwegian company (as measured by market cap) listed on the OSE after RCCL and Frontline, and just ahead of SOSA.

• SNSA had the best return of all of the companies in 2004 in the OBX (172%)

• SNSA was number 14 of all companies in terms of trading volume.

Written by: carisk | Categories: Equity, Freshly Minted | February 3rd, 2005 | Add a Comment