TI, Gasunie LM deals spark lead order debate

Telecom Italia and Nederlandse Gasunie have both completed their bond buybacks, with outcomes that differed widely in price and take-up. While the Italian telecoms company recovered €777m of bonds, more than its €500m target, Gasunie got €284.3m, about 62% of the €460m it had hoped to retrieve.

  • 20 Jul 2012

Both deals had been launched on July 6. On that day, Gasunie, the Dutch gas transmission company, also launched a new €500m bond to finance its buyback.

Telecom Italia did not launch a new issue, but was seeking a home for some of its €5.5bn of cash, which is ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 143,182.93 629 7.01%
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3 Citi 115,737.19 613 5.66%
4 Goldman Sachs 94,848.38 401 4.64%
5 Barclays 90,564.22 401 4.43%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 25,083.00 115 8.90%
2 Barclays 21,514.93 84 7.64%
3 Deutsche Bank 18,824.44 79 6.68%
4 HSBC 17,232.34 78 6.12%
5 SG Corporate & Investment Banking 15,959.24 87 5.66%

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%
2 Goldman Sachs 5,851.83 48 7.47%
3 Deutsche Bank 5,236.76 54 6.69%
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 29,958.08 234 10.56%
2 Citi 23,883.44 190 8.42%
3 Bank of America Merrill Lynch 23,183.88 205 8.17%
4 Goldman Sachs 20,887.87 148 7.36%
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 Citi 99,250.27 279 13.10%
2 Bank of America Merrill Lynch 92,153.61 267 12.16%
3 Wells Fargo Securities 72,661.39 222 9.59%
4 JPMorgan 52,367.24 169 6.91%
5 Credit Suisse 41,885.89 127 5.53%