Corp bond market feels so hot it doesn't need Draghi

Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.

  • By Nigel Owen
  • 09 Nov 2017

Cartoon_1530_BASFTwenty investment grade corporate bonds have been issued in Europe this week. Almost uniformly, their books were multiple times oversubscribed, their new issue premiums tight or non-existent and they tightened on the break.

The market has been hot for ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,938.31 718 7.20%
2 Bank of America Merrill Lynch 147,126.56 669 6.42%
3 Citi 129,674.51 690 5.66%
4 Goldman Sachs 105,201.77 447 4.59%
5 Barclays 99,269.52 448 4.33%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,154.37 137 8.86%
2 Barclays 24,121.06 98 7.33%
3 Deutsche Bank 22,163.65 93 6.74%
4 SG Corporate & Investment Banking 20,050.48 104 6.10%
5 HSBC 19,151.76 90 5.82%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,123.00 59 7.43%
2 Goldman Sachs 6,789.41 55 7.08%
3 Deutsche Bank 5,954.72 59 6.21%
4 Credit Suisse 5,809.63 61 6.06%
5 BNP Paribas 5,208.30 57 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.75%
2 Citi 26,963.27 215 8.58%
3 Bank of America Merrill Lynch 25,506.35 227 8.11%
4 Goldman Sachs 23,587.99 168 7.50%
5 Barclays 20,408.08 140 6.49%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,974.23 134 6.41%
2 Deutsche Bank 26,448.76 95 6.28%
3 Barclays 26,042.03 120 6.19%
4 HSBC 25,650.40 123 6.09%
5 Citi 22,829.99 98 5.42%