Corp Bonds

Cautious KPN borrows early, raising €750m after S&P cut

Koninklijke KPN, the Dutch telecom company, returned to the European bond market on Wednesday, the day after a downgrade by Standard & Poor’s, and seemed to suffer no ill effects, achieving a well oversubscribed deal of €750m, the most it wanted.

  • 24 Feb 2012

The new issue premium of about 15bp-17bp was respectable and tighter than would have been possible a month ago, though not as tight as the 8bp-13bp KPN felt it achieved on its last outing in September, a €500m no-grow 10 year.

One banker away from the deal said ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Apr 2016
1 Bank of America Merrill Lynch 42,408.02 136 6.33%
2 JPMorgan 41,643.60 134 6.21%
3 Citi 37,633.21 146 5.61%
4 Deutsche Bank 30,769.06 100 4.59%
5 Barclays 29,008.33 90 4.33%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 Bank of America Merrill Lynch 8,759.23 25 7.64%
2 Deutsche Bank 8,718.37 24 7.60%
3 BNP Paribas 8,699.87 33 7.59%
4 SG Corporate & Investment Banking 8,539.59 36 7.45%
5 Barclays 7,357.45 18 6.42%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 Deutsche Bank 2,440.53 14 10.95%
2 Goldman Sachs 2,436.07 10 10.93%
3 JPMorgan 1,875.45 10 8.41%
4 BNP Paribas 1,560.90 12 7.00%
5 Barclays 1,425.83 7 6.40%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 JPMorgan 6,806.36 47 9.96%
2 Barclays 6,558.49 34 9.60%
3 Bank of America Merrill Lynch 6,262.95 41 9.17%
4 Goldman Sachs 6,121.17 34 8.96%
5 Citi 5,842.90 38 8.55%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 BNP Paribas 9,593.08 27 3.23%
2 Deutsche Bank 9,412.16 16 3.17%
3 SG Corporate & Investment Banking 9,211.03 32 3.10%
4 Barclays 8,723.74 20 2.94%
5 ING 7,852.72 16 2.64%