IFR Top 250 Borrowers table
The IFR Top 250 Borrowers ranking includes all Thomson Reuters league table-eligible borrowings in syndicated loans, international bonds, convertible bonds and securitisations for the period May 1 2009 to April 30 2010.
Wherever it is logical to do so, the rankings reflect activity at the level of the borrowing entity itself, rather than the parent group. For this reason, majority-owned subsidiaries that borrow in their own name are given separate entries in the tables. Borrowing entities that are merely special purpose vehicles or alternative financing arms of the same parent, and do not operate as discrete companies, are consolidated within the parent.
Companies that are owned by private equity firms, or by a consortium of companies, are given their own separate entry and are not consolidated into their parents. Where two borrowers have fully merged during the course of the year under review, the two entries are consolidated and appear under the entity’s new name.
State-owned entities, regional authorities and agencies are listed separately from their respective sovereign parents. Sovereign borrowings comprise only syndicated capital markets transactions, not day-to-day borrowing through auctions of treasuries or other similar methods.