Warner Music pricing may tempt US HY issuers to euro market

Warner Music Group, the New York-based music publisher, sold its first bond in euros this week, as pricing in Europe’s high yield market keeps moving closer to what borrowers can obtain in the more mature US market.

  • 26 Oct 2012

The company’s eight year senior secured bond, set to be rated Ba2/BB-, comprised a €175m tranche with a 6.25% coupon, alongside $500m of 6% notes. The non-call three notes came from special purpose vehicle WMG Acquisition Corp, itself rated B3/B+.

"The deal went very well — both the US ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 95,916.14 419 7.02%
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3 Citi 79,024.69 396 5.79%
4 Barclays 64,919.42 275 4.75%
5 Deutsche Bank 61,725.14 258 4.52%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 20,079.87 85 9.10%
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3 Deutsche Bank 15,485.95 59 7.02%
4 HSBC 13,677.26 58 6.20%
5 SG Corporate & Investment Banking 12,319.14 63 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 5,262.65 41 8.52%
2 Goldman Sachs 4,273.93 33 6.92%
3 Deutsche Bank 4,249.17 39 6.88%
4 Credit Suisse 3,915.70 42 6.34%
5 Barclays 3,740.83 31 6.05%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 22,011.32 165 11.16%
2 Citi 17,958.06 133 9.10%
3 Bank of America Merrill Lynch 15,724.51 136 7.97%
4 Barclays 13,657.72 88 6.92%
5 Goldman Sachs 13,596.26 99 6.89%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 BNP Paribas 19,183.41 86 7.11%
2 Deutsche Bank 18,344.32 59 6.80%
3 HSBC 17,459.90 79 6.47%
4 Barclays 17,134.62 76 6.35%
5 Citi 15,489.08 65 5.74%