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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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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 112,085.07 448 7.60%
2 Bank of America Merrill Lynch 104,134.90 431 7.06%
3 Deutsche Bank 78,779.86 327 5.34%
4 Morgan Stanley 77,448.15 350 5.25%
5 Citi 76,436.78 368 5.19%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 25 Aug 2015
1 BNP Paribas 17,701.63 95 8.66%
2 Barclays 17,178.46 59 8.40%
3 HSBC 16,534.73 79 8.09%
4 Deutsche Bank 15,645.26 59 7.65%
5 SG Corporate & Investment Banking 12,990.69 70 6.35%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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  • 25 Aug 2015
1 JPMorgan 6,724.00 49 9.07%
2 Deutsche Bank 6,036.89 51 8.15%
3 Credit Suisse 4,544.52 32 6.13%
4 BNP Paribas 4,485.18 39 6.05%
5 Morgan Stanley 4,415.16 31 5.96%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 22,267.10 142 5.26%
2 Bank of America Merrill Lynch 18,809.89 147 4.44%
3 Deutsche Bank 18,281.80 115 4.32%
4 Goldman Sachs 17,894.39 109 4.23%
5 Citi 15,764.31 110 3.72%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 25 Aug 2015
1 Barclays 18,891.28 59 8.36%
2 HSBC 16,910.25 73 7.49%
3 BNP Paribas 15,071.00 79 6.67%
4 Deutsche Bank 14,427.85 48 6.39%
5 SG Corporate & Investment Banking 13,895.59 65 6.15%