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

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5 Barclays 89,649.42 397 4.42%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 24,789.49 114 8.87%
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4 HSBC 16,938.83 77 6.06%
5 SG Corporate & Investment Banking 15,665.73 86 5.61%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 5,988.32 51 7.65%
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4 Credit Suisse 4,633.16 52 5.92%
5 Barclays 4,263.74 37 5.45%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 29,908.43 233 10.55%
2 Citi 23,833.79 189 8.41%
3 Bank of America Merrill Lynch 23,183.88 205 8.18%
4 Goldman Sachs 20,887.87 148 7.37%
5 Barclays 19,256.47 129 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 23,833.79 81 6.44%
2 HSBC 23,751.92 108 6.41%
3 Barclays 23,613.64 104 6.38%
4 BNP Paribas 23,234.24 113 6.27%
5 Citi 20,539.24 87 5.55%