HY rally may face trying times after September, say participants

The European high yield bond market will enter the second half of the year in extraordinary shape, with average coupons at all-time lows and a surge of issuance. Can it get any better? Bankers and investors think not.

  • By Victor Jimenez
  • 10 Aug 2017
“There’s something beautiful about these markets in that different credits are priced at different levels, even if they have the same credit ratings,” said Steffen Wasserhess, head of non-investment grade and high yield syndicate at UniCredit. “Strong credits are rewarded with tighter pricings, hairier stories might have ...

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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%