Caterpillar doubles coupon amid appreciation doubts

Offshore renminbi investors are increasingly focused on coupon payments over currency appreciation, amid increasing doubts over the direction of the renminbi against the dollar, according to debt bankers. That proved to be the case for US building equipment company Caterpillar this week: it had to pay more than double the coupon it offered the last time it came to market, in the middle of 2011.

  • 15 Mar 2012

Caterpillar priced its Rmb1.26bn ($199m) two year notes at par to yield 2.9%, the low end of final price indication — and more than twice the 1.35% it paid for a Rmb2.35bn two year deal in July last year.

“It’s a sign of how the market has changed,” said ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 08 May 2017
1 JPMorgan 59,729.64 269 3.64%
2 Citi 48,146.84 242 2.94%
3 Bank of America Merrill Lynch 45,937.03 233 2.80%
4 Deutsche Bank 41,805.81 175 2.55%
5 Morgan Stanley 38,350.79 202 2.34%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Apr 2017
1 BNP Paribas 10,853.09 45 9.91%
2 Deutsche Bank 8,072.26 30 7.37%
3 Barclays 7,980.08 33 7.29%
4 Citi 7,052.29 36 6.44%
5 SG Corporate & Investment Banking 6,646.16 38 6.07%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 3,231.23 29 8.24%
2 JPMorgan 3,230.36 27 8.24%
3 Citi 2,868.23 17 7.31%
4 Barclays 2,625.84 19 6.69%
5 Goldman Sachs 2,620.59 22 6.68%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 May 2017
1 JPMorgan 15,642.64 116 12.03%
2 Bank of America Merrill Lynch 11,985.87 100 9.21%
3 Citi 11,558.90 86 8.89%
4 Goldman Sachs 10,013.87 71 7.70%
5 Barclays 7,309.82 50 5.62%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 May 2017
1 BNP Paribas 13,034.13 52 8.15%
2 Citi 11,407.89 46 7.13%
3 Deutsche Bank 10,890.60 35 6.81%
4 Barclays 9,128.34 42 5.70%
5 JPMorgan 8,421.89 33 5.26%