Techem’s €735m debut blows out, book 10 times covered

Techem, a German company that provides energy billing and energy management services, produced the highlight deal of the week in Europe’s high yield market. Making its bond debut, Techem raised €735m in a deal that was 10 times subscribed on Tuesday.

  • 21 Sep 2012

"I can see how it attracted a lot of interest," said a high yield investor in London. "They have long contracts and a stable, boring business. High yield investors like boring businesses with stable cash flow."

Techem sold a €410m seven year non-call three senior secured tranche to yield ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 06 Mar 2017
1 JPMorgan 26,801.25 116 7.23%
2 Citi 24,294.27 107 6.55%
3 Bank of America Merrill Lynch 23,745.51 112 6.41%
4 Deutsche Bank 21,936.54 80 5.92%
5 Barclays 18,739.72 76 5.06%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 BNP Paribas 7,741.23 34 9.96%
2 Deutsche Bank 6,409.32 21 8.25%
3 Barclays 5,176.15 25 6.66%
4 HSBC 5,003.70 23 6.44%
5 Citi 4,576.17 26 5.89%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Citi 2,417.98 11 10.88%
2 Deutsche Bank 2,229.13 17 10.03%
3 Bank of America Merrill Lynch 1,908.90 13 8.59%
4 JPMorgan 1,733.98 11 7.80%
5 Barclays 1,569.70 11 7.06%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 11,150.67 77 12.59%
2 Citi 8,073.45 55 9.11%
3 Bank of America Merrill Lynch 7,652.39 65 8.64%
4 Goldman Sachs 6,155.05 45 6.95%
5 Credit Suisse 5,502.63 40 6.21%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 BNP Paribas 8,202.93 31 9.23%
2 Deutsche Bank 6,868.10 19 7.73%
3 Citi 6,086.67 25 6.85%
4 JPMorgan 4,814.18 17 5.42%
5 HSBC 4,304.73 21 4.84%