Tesla drives off with covenants on $1.5bn bond debut

US electric car firm Tesla was roadshowing a $1.5bn eight year debut bond offering this week. The company can do no wrong in many observers’ eyes, although stripped back documentation is likely to deter at least some investors from the deal.

  • By Max Bower
  • 10 Aug 2017

The eight year non-call three senior unsecured dollar notes mark Tesla’s debut in the bond markets, after years of privately conducted equity fundraising rounds.

Goldman Sachs is leading the deal, which has initial price talk at 5.25%. Perhaps more importantly, however, the bond affords little protection to potential ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 JPMorgan 13,737.58 53 6.79%
2 BNP Paribas 13,423.05 69 6.63%
3 Goldman Sachs 11,651.64 43 5.76%
4 Deutsche Bank 10,773.25 59 5.32%
5 Bank of America Merrill Lynch 10,450.47 41 5.16%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 5,262.65 41 8.27%
2 Goldman Sachs 4,580.64 36 7.20%
3 Deutsche Bank 4,249.17 39 6.67%
4 Barclays 3,956.08 33 6.21%
5 Credit Suisse 3,928.87 43 6.17%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 24,048.19 185 10.98%
2 Citi 19,193.03 146 8.76%
3 Bank of America Merrill Lynch 17,906.11 157 8.17%
4 Goldman Sachs 15,915.08 114 7.27%
5 Barclays 15,416.88 101 7.04%