IFR Top 250 Borrowers table

IFR Top 250 Borrowers Report 2011
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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.

Top 250 international borrowers by volume – May 1 2010 to April 30 2011
RankingBorrowerAmount (US$m)No of issuesIssuer typeCountry of origin
1Federal National Mortgage Association (Fannie Mae)110,050.4036AgencyUS
2KfW Bankengruppe94,584.60157AgencyGermany
3European Investment Bank83,943.10222SupranationalSupranational
4Federal Home Loan Mortgage (Freddie Mac)79,320.2030AgencyUS
5Banco Santander64,042.6055FinancialSpain
6Lloyds Banking Group57,681.2053FinancialUK
7General Electric53,734.3044CorporateUS
8Caisse d'Amortissement de la Dette Sociale(CADES)53,120.2032AgencyFrance
9BHP Billiton49,000.002CorporateAustralia
10United Kingdom of Great Britain and Northern Ireland45,659.006SovereignUK
11Royal Bank of Scotland35,571.8032FinancialUK
12Rabobank34,020.40111FinancialNetherlands
13Groupe BPCE33,258.4060FinancialFrance
14AT&T33,239.004CorporateUS
15HSBC33,045.9021FinancialUK
16Federal Home Loan Banks30,997.1037AgencyUS
17Sanofi-Aventis29,809.203CorporateFrance
18Canada Mortgage and Housing29,730.608AgencyCanada
19Credit Agricole28,621.8047FinancialFrance
20Instituto de Credito Oficial28,099.4038AgencySpain
21BNP Paribas27,841.3040FinancialFrance
22World Bank27,769.50102SupranationalSupranational
23ING25,362.7026FinancialNetherlands
24Glencore International25,282.608CorporateSwitzerland
25Wal-Mart Stores25,271.907CorporateUS
26Energy Future24,855.204CorporateUS
27ABN AMRO Bank24,336.0026FinancialNetherlands
28Toyota Motor22,927.9037CorporateJapan
29Italian Republic22,878.709SovereignItaly
30Societe Generale22,350.3024FinancialFrance
31Nordea Bank21,942.9026FinancialSweden
32Kingdom of Spain21,600.704SovereignSpain
33Nordrhein-Westfalen21,202.4049RegionalGermany
34Intesa SanPaolo20,889.1018FinancialItaly
35UniCredit20,618.6027FinancialItaly
36Morgan Stanley19,068.5019FinancialUS
37Bank Nederlandse Gemeenten18,954.9069AgencyNetherlands
38PPL18,591.707CorporateUS
39ArcelorMittal18,208.708CorporateLuxembourg
40International Petroleum Investment17,951.005CorporateAbu Dhabi
41BP17,884.307CorporateUK
42JP Morgan Chase17,883.3019FinancialUS
43National Australia Bank16,825.4046FinancialAustralia
44Caterpillar Tractor16,482.509CorporateUS
45Banco Bilbao Vizcaya Argentaria16,332.7011FinancialSpain
46Bank of America Merrill Lynch16,320.7014FinancialUS
47NRW.Bank16,312.9025AgencyGermany
48Republic of Finland15,970.708SovereignFinland
49GDF Suez15,899.806CorporateFrance
50Barclays15,700.0017FinancialUK
51Kingdom of Belgium15,606.305SovereignBelgium
52Peugeot15,112.6012CorporateFrance
53Porsche Automobil14,946.9024CorporateGermany
54Province of Ontario14,762.2019RegionalCanada
55European Union14,730.604SupranationalSupranational
56Rank14,685.005CorporateNew Zealand
57AIG14,684.209FinancialUS
58Vodafone14,626.906CorporateUK
59Telefonica de Espana14,379.406CorporateSpain
60DnB NOR14,119.7018FinancialNorway
61Caisse de Refinancement de l'Habitat13,857.3017AgencyFrance
62Goldman Sachs13,852.7013FinancialUS
63E ON13,834.7011CorporateGermany
64MetLife13,486.2010FinancialUS
65DuPont13,484.804CorporateUS
66EDF13,195.408CorporateFrance
67Landwirtschaftliche Rentenbank12,701.0041AgencyGermany
68Fiat12,433.808CorporateItaly
69France Telecom12,430.008CorporateFrance
70Carlyle12,411.8022CorporateUS
71Continental12,335.104CorporateGermany
72Daimler12,187.405CorporateGermany
73ANZ Banking12,129.1044FinancialAustralia
74Credit Suisse12,012.1013FinancialSwitzerland
75Blackstone11,779.7015CorporateUS
76Asian Development Bank11,518.7024SupranationalSupranational
77Bank of Nova Scotia11,281.508FinancialCanada
78Johnson & Johnson11,079.002CorporateUS
79Wind Telecom10,967.403CorporateItaly
80Staatskanzlei Rheinland-Pfalz10,920.2018RegionalGermany
81Credit Mutuel10,653.5017FinancialFrance
82OAO Gazprom10,648.2012CorporateRussia
83Time Warner10,629.704CorporateUS
84BC Partners10,592.709CorporateUK
85Nielsen10,130.705CorporateUS
86Honda Motor10,050.406CorporateJapan
87Kohlberg Kravis Roberts10,032.407CorporateUS
88Citigroupgroup9,930.309FinancialUS
89Swedbank9,845.8019FinancialSweden
90Hewlett-Packard9,495.003CorporateUS
91Unione di Banche Italiane9,408.408FinancialItaly
92Landesbank Baden-Wuerttemberg9,320.5013FinancialGermany
93Banque Federative du Credit Mutuel9,295.208FinancialFrance
94Mitsubishi9,048.0011CorporateJapan
95Commerzbank8,966.6014FinancialGermany
96Univision Communications8,919.506CorporateUS
97La Caixa8,906.005FinancialSpain
98Air Products & Chemicals8,724.002CorporateUK
99Calpine8,390.607CorporateUS
100Kommuninvest I Sverige8,231.7021AgencySweden
101Rio Tinto8,211.604CorporateAustralia / UK
102Banca Monte dei Paschi di Siena8,178.507FinancialItaly
103Deutsche Bank8,138.1010FinancialGermany
104Nederlandse Waterschapsbank8,137.3025AgencyNetherlands
105Anadarko Petroleum8,100.005CorporateUS
106Fondo de Amortizacion del Deficit Electrico (FADE)8,099.703AgencySpain
107RWE8,085.003CorporateGermany
108Sumitomo8,062.7010CorporateJapan
109Fondo de Reestructuracion Ordenada Bancaria (FROB)8,016.602AgencySpain
110Dow Chemical7,974.105CorporateUS
111Ford Motor7,891.1016CorporateUS
112Skandinaviska Enskilda Banken7,851.908FinancialSweden
113Nestle7,820.107CorporateSwitzerland
114Petrohawk Energy7,732.505CorporateUS
115Ally Financial7,683.405FinancialUS
116INEOS7,672.502CorporateUK
117Union Nationale Interprofessionnelle pour l'Emploi dans l'industrie et le Commerce7,636.203AgencyFrance
118Total7,590.3011CorporateFrance
119Westpac Banking7,529.7023FinancialAustralia
120Marathon Oil7,488.902CorporateUS
121DirecTv7,478.803CorporateUS
122Iberdrola7,425.408CorporateSpain
123Chesapeake Energy7,350.004CorporateUS
124Renault7,348.1011CorporateFrance
125Moller Maersk7,332.002CorporateDenmark
126Pemex7,321.106CorporateMexico
127Berlin7,258.2022RegionalGermany
128Hutchison Whampoa7,190.306CorporateHong Kong
129HCP7,188.203CorporateUS
130Vitol7,143.003CorporateNetherlands / Switzerland
131Canadian Imperial Bank of Commerce7,137.007FinancialCanada
132Japan Oil, Gas and Metals National Corporation (JOGMEC)7,125.903AgencyJapan
133Cargill7,120.005CorporateUS
134Valeant Pharmaceuticals7,075.205CorporateCanada
135SAP7,009.003CorporateGermany
136Microsoft6,959.602CorporateUS
137Ferrovial6,819.108CorporateSpain
138European Financial Stability Facility6,793.101SupranationalSupranational
139Banco Popolare6,791.308FinancialItaly
140Universal Health Services6,777.502CorporateUS
141Abbott Laboratories6,744.102CorporateUS
142Dexia6,740.5012FinancialBelgium / France
143Depository Trust & Clearing6,687.002CorporateUS
144Hindalco Industries6,614.605CorporateIndia
145Quadrangle6,472.604CorporateUS
146Veolia Environnement6,469.805CorporateFrance
147Inter American Development Bank6,456.4018SupranationalSupranational
148Pinafore6,423.304CorporateUS
149Niedersachsen6,395.0014RegionalGermany
150Usaha Tegas6,385.705CorporateMalaysia
151Hertz6,313.707CorporateUS
152Vneshekonombank6,301.506FinancialRussia
153Hessen6,300.6012RegionalGermany
154CITGO Petroleum6,296.504CorporateUS
155Kingdom of Denmark6,262.403SovereignDenmark
156Danske Bank6,151.108FinancialDenmark
157Kommunalbanken6,107.9066AgencyNorway
158Statoil6,107.203CorporateNorway
159Commonwealth Bank of Australia6,090.7032FinancialAustralia
160Deutsche Genossenschafts Hypothekenbank6,067.8016FinancialGermany
161Warner Chilcott6,010.004CorporateUS
162Petroleos de Venezuela (PDVSA)6,000.002CorporateVenezuela
163Petrobras5,979.501CorporateBrazil
164Caja Madrid5,916.305FinancialSpain
165Sony5,908.501CorporateJapan
166United Mexican States5,902.105SovereignMexico
167Madison Dearborn Partners5,898.2010CorporateUS
168Nissan Motor5,897.204CorporateJapan
169Inversiones Globales Inveryal5,882.401CorporateSpain
170Time Warner Cable5,871.602CorporateUS
171CVC Capital Partners5,868.506CorporateUK
172Nationwide Building Society5,862.9012FinancialUK
173Slovak Republic5,851.603SovereignSlovakia
174Tata Steel5,824.102CorporateIndia
175Exelon5,800.002CorporateUS
176Jubail Petrochemical Plant5,775.001CorporateSaudi Arabia
177Republic of Poland5,763.907SovereignPoland
178Caisse Centrale Mutualite Sociale Agricole5,609.001AgencyFrance
179Nordic Telephone5,607.103CorporateDenmark
180Grifols5,600.002CorporateSpain
181Cedulas TDA5,575.501SupranationalSupranational
182Export-Import Bank of Korea5,534.3030FinancialSouth Korea
183Reliance Industries5,528.704CorporateIndia
184Coca Cola5,519.103CorporateUS
185Tatneft5,500.003CorporateRussia
186Export Development Canada5,421.1014AgencyCanada
187Archer Daniels Midland5,400.003CorporateUS
188Vale5,352.804CorporateBrazil
189Republic of Turkey5,350.805SovereignTurkey
190Mitsubishi UFJ Financial5,349.108FinancialJapan
191Sempra Energy5,344.206CorporateUS
192United Parcel Service5,302.703CorporateUS
193Republic of Austria5,236.401SovereignAustria
194Noble5,191.504CorporateHong Kong
195Sberbank5,166.606FinancialRussia
196Ensco5,162.803CorporateUK
197Cox Enterprises5,128.005CorporateUS
198Royal Bank of Canada5,085.605FinancialCanada
199Providence Equity Partners5,060.807CorporateUS
200Macquarie5,044.0010FinancialAustralia
201Tennessee Valley Authority5,005.005AgencyUS
202CIT5,000.002CorporateUS
202Sinopec5,000.001CorporateChina
202Pfizer5,000.001CorporateUS
202General Motors5,000.001CorporateUS
206Saint-Gobain4,998.202CorporateFrance
207Home Depot4,991.403CorporateUS
208Trafigura Holding4,986.905CorporateNetherlands
209NRG Energy4,975.003CorporateUS
210Asciano4,958.203CorporateAustralia
211BASF4,957.002CorporateGermany
212Schlumberger4,954.405CorporateNetherlands / US
213Consol Energy4,950.005CorporateUS
214UnitedHealth4,944.003CorporateUS
215Aon4,901.004FinancialUS
216Banca Popolare di Milano4,898.506FinancialItaly
217Bayer4,890.202CorporateGermany
218European Bank for Reconstruction and Development4,887.0033SupranationalSupranational
219Fidelity National Information Services4,832.003CorporateUS
220Nord/LB4,825.1012FinancialGermany
221Itochu4,818.403CorporateJapan
222Dominion Resources4,817.905CorporateUS
223Pepsi4,815.002CorporateUS
224Anglo American4,799.303CorporateUK
225Royal Dutch Shell4,798.803CorporateNetherlands / UK
226British American Tobacco4,769.304CorporateUK
227Origin Energy4,767.302CorporateAustralia
228Sparebank 1 Boligkreditt4,764.504FinancialNorway
229Texas Pacific4,755.708CorporateUS
230Del Monte Foods4,750.002CorporateUS
231Procter & Gamble4,749.404CorporateUS
232Teva Pharmaceutical Industries4,747.604CorporateIsrael
233Portuguese Republic4,742.201SovereignPortugal
234Marubeni4,715.606CorporateJapan
235Sumitomo Mitsui Financial4,660.405FinancialJapan
236Nordic Investment Bank4,625.0017SupranationalSupranational
237Concho Resources4,600.003CorporateUS
238CBS4,598.403CorporateUS
239Ukraine4,576.204SovereignUkraine
240DaVita4,550.002CorporateUS
241SLM (Sallie Mae)4,549.203AgencyUS
242Pilot Flying4,519.802CorporateUS
243Kraft Foods4,500.001CorporateUS
243Novartis4,500.001CorporateSwitzerland
245Deere4,498.703CorporateUS
246Laender Berlin Bremen Hamburg4,438.004RegionalGermany
247BayernLB4,437.209FinancialGermany
248Hong Kong-Zhuhai-Macao Bridge Road4,434.501CorporateChina
249Cliffs Natural Resources4,399.302CorporateUS
250Imperial Tobacco4,381.502CorporateUK
IFR Top 250: A-Z
BorrowerRanking
Abbott Laboratories141
ABN AMRO Bank27
AIG57
Air Products & Chemicals98
Ally Financial115
Anadarko Petroleum105
Anglo American224
ANZ Banking73
Aon215
ArcelorMittal39
Archer Daniels Midland187
Asciano Group210
Asian Development Bank76
AT&T14
Banca Monte dei Paschi di Siena102
Banca Popolare di Milano216
Banco Bilbao Vizcaya Argentaria45
Banco Popolare139
Banco Santander5
Bank Nederlandse Gemeenten37
Bank of America Merrill Lynch46
Bank of Nova Scotia77
Banque Federative du Credit Mutuel93
Barclays50
BASF211
Bayer217
BayernLB247
BC Partners84
Berlin127
BHP Billiton9
Blackstone75
BNP Paribas21
BP41
British American Tobacco226
Caisse Centrale Mutualite Sociale Agricole178
CADES8
Caisse de Refinancement de l'Habitat61
Caja Madrid164
Calpine99
Canada Mortgage and Housing18
Canadian Imperial Bank of Commerce131
Cargill133
Carlyle70
Caterpillar Tractor44
CBS238
Cedulas TDA181
Chesapeake Energy123
CIT Group202
CITGO Petroleum154
Citigroup88
Cliffs Natural Resources249
Coca Cola184
Commerzbank95
Commonwealth Bank of Australia159
Concho Resources237
Consol Energy213
Continental71
Cox Enterprises197
Credit Agricole19
Credit Mutuel81
Credit Suisse74
CVC Capital Partners171
Daimler72
Danske Bank156
DaVita240
Deere245
Del Monte Foods230
Depository Trust & Clearing143
Deutsche Bank Deutsche Genossenschafts103
Hypothekenbank160
Dexia142
DirecTv121
DnB NOR60
Dominion Resources222
Dow Chemical110
DuPont65
E ON63
EDF66
Energy Future26
Ensco196
European Bank for Reconstruction and Development218
European Financial Stability Facility138
European Investment Bank3
European Union55
Exelon175
Export Development Canada186
Export-Import Bank of Korea182
Federal Home Loan Banks16
Federal Home Loan Mortgage (Freddie Mac)4
Fannie Mae1
Ferrovial137
Fiat68
Fidelity National Information Services219
FADE106
FROB109
Ford Motor111
France Telecom69
GDF Suez49
General Electric7
General Motors205
Glencore International24
Goldman Sachs62
Grifols180
Groupe BPCE13
HCP129
Hertz151
Hessen153
Hewlett-Packard90
Hindalco Industries144
Home Depot207
Honda Motor86
Hong Kong-Zhuhai-Macao Bridge Road248
HSBC15
Hutchison Whampoa128
Iberdrola122
Imperial Tobacco Group250
INEOS Group116
ING23
Instituto de Credito Oficial20
Inter American Development Bank147
International Petroleum Investment40
Intesa SanPaolo34
Inversiones Globales Inveryal169
Italian Republic29
Itochu221
JOGMEC132
Johnson & Johnson78
JP Morgan Chase42
Jubail Petrochemical Plant176
KfW Bankengruppe2
Kingdom of Belgium51
Kingdom of Denmark155
Kingdom of Spain32
Kohlberg Kravis Roberts87
Kommunalbanken157
Kommuninvest I Sverige100
Kraft Foods243
La Caixa97
Laender Berlin Bremen Hamburg246
Landesbank Baden-Wuerttemberg92
Landwirtschaftliche Rentenbank67
Lloyds Banking Group6
Macquarie200
Madison Dearborn Partners167
Marathon Oil120
Marubeni Corp234
MetLife64
Microsoft136
Mitsubishi94
Mitsubishi UFJ Financial190
Moller Maersk125
Morgan Stanley36
National Australia Bank43
Nationwide Building Society172
Nederlandse Waterschapsbank104
Nestle113
Niedersachsen149
Nielsen85
Nissan Motor168
Noble Group194
Nord/LB220
Nordea Bank31
Nordic Investment Bank236
Nordic Telephone179
Nordrhein-Westfalen33
Novartis244
NRG Energy209
NRW.Bank47
OAO Gazprom82
Origin Energy227
Pemex126
Pepsi223
Petrobras163
Petrohawk Energy114
Petroleos de Venezuela (PDVSA)162
Peugeot52
Pfizer204
Pilot Travel Centers242
Pinafore148
Porsche Automobil53
Portuguese Republic233
PPL38
Procter & Gamble231
Providence Equity Partners199
Province of Ontario54
Quadrangle145
Rabobank12
Rank56
Reliance Industries183
Renault124
Republic of Austria193
Republic of Finland48
Republic of Poland177
Republic of Turkey189
Rio Tinto101
Royal Bank of Canada198
Royal Bank of Scotland11
Royal Dutch Shell225
RWE107
Saint-Gobain206
Sanofi-Aventis17
SAP135
Sberbank195
Schlumberger212
Sempra Energy191
Sinopec Group203
Skandinaviska Enskilda Banken112
SLM (Sallie Mae)241
Slovak Republic173
Societe Generale30
Sony165
Sparebank 1 Boligkreditt228
Staatskanzlei Rheinland-Pfalz80
Statoil158
Sumitomo108
Sumitomo Mitsui Financial Group235
Swedbank89
Tata Steel174
Tatneft185
Telefonica de Espana59
Tennessee Valley Authority201
Teva Pharmaceutical Industries232
Texas Pacific Group229
Time Warner83
Time Warner Cable170
Total118
Toyota Motor28
Trafigura Holding208
Ukraine239
UniCredit35
UNEDIC117
Unione di Banche Italiane91
United Kingdomd10
United Mexican States166
United Parcel Service192
UnitedHealth Group214
Universal Health Services140
Univision Communications96
Usaha Tegas150
Vale188
Valeant Pharmaceuticals134
Veolia Environnement146
Vitol130
Vneshekonombank152
Vodafone58
Wal-Mart Stores25
Warner Chilcott161
Westpac Banking119
Wind Telecom79
World Bank22