Hybrids fly as Eurofins, Ferrovial squeeze pricing

Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

  • By Nigel Owen
  • 09 Nov 2017

“When you’ve got IG credit trending to zero and less in spread terms, the incremental spread is effectively infinite for a hybrid,” said a head of syndicate in London. “There is still a good relative value pick-up to IG senior bonds.

“The response we are seeing is ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,938.31 718 7.17%
2 Bank of America Merrill Lynch 147,126.56 669 6.40%
3 Citi 129,749.67 692 5.64%
4 Goldman Sachs 105,301.08 448 4.58%
5 Barclays 99,621.62 449 4.33%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,057.07 137 8.82%
2 Barclays 24,473.15 99 7.43%
3 Deutsche Bank 22,066.34 93 6.70%
4 SG Corporate & Investment Banking 20,050.48 104 6.09%
5 HSBC 19,151.76 90 5.81%

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 26,876.92 134 6.37%
2 Barclays 26,394.12 121 6.26%
3 Deutsche Bank 26,351.45 95 6.25%
4 HSBC 25,650.40 123 6.08%
5 Citi 22,829.99 98 5.41%