IFR Top 250 Borrowers table
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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 2010 to April 30 2011.
The rankings reflect the activity of borrowers at the parent level. In recent years majority-owned subsidiaries that borrow in their own names were given separate entries of their own but this is no longer the case, due to difficulties in presenting this data consistently across all groups. Where it is logical to do so, if the overwhelming majority of the borrowing was conducted by an entity that was not the parent group, the name of the subsidiary in whose name the borrowing has been made is used. Where the borrowing has been conducted under multiple names, the name of the parent has been used. Structured finance deals are captured in their respective issuers’ numbers.
Companies that are owned by private equity firms have had their borrowing totals rolled up to the private equity company in question. If the company is owned by multiple private equity companies, the debt is counted against the name of the owned company, and is not split between the private equity company owners.
The only exception to the rule about borrowing rolling up to the parent level is for sovereign borrowing, which has been stripped out to reveal agency, regional authorities and state-owned corporate borrowing separately, under the relevant names. Sovereign borrowings comprise only syndicated capital markets transactions, not day-to-day borrowing through auctions of treasuries or other similar methods. Loans bookrunner league tables do not include club transactions, but the corresponding borrower tables do.