NEW YORK -- Global loan syndications rose to $96.2 billion in the second quarter, from $55.4 billion in the first, according to Salomon Brothers Inc.
The investment bank attributed the rise to "an active market for refinancing and |reverse' leveraged buyouts, and banks' willingness to take more underwriting risk while limiting asset holdings."
In the second quarter, Chemical Banking Corp. had the largest number of syndicate participations of any institution, with 61 deals worth a total of $34.3 billion. Citicorp, the largest U.S. bank, was not in the top 10.
J.P. Morgan and Co. took second place with $16.1 billion in 22 credit packages, Salomon said, followed by BankAmerica Corp. with $13.4 billion in 22 deals; First Chicago Corp., $12 billion in 27 deals; and NationsBank Corp., $11.9 billion in 25 deals.
Salomon said it expects refinancing to continue as a main source of volume in the rest of 1992 due to slack new loan demand.