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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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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 18 Nov 2014
1 JPMorgan 139,011.80 649 6.96%
2 Bank of America Merrill Lynch 117,211.25 561 5.87%
3 Citi 109,281.45 561 5.47%
4 Deutsche Bank 99,333.75 474 4.97%
5 Morgan Stanley 90,030.95 509 4.51%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 18 Nov 2014
1 BNP Paribas 27,189.76 124 0.00%
2 Deutsche Bank 21,610.88 82 0.00%
3 SG Corporate & Investment Banking 20,705.82 101 0.00%
4 HSBC 19,041.03 86 0.00%
5 Barclays 17,463.56 73 0.00%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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  • 18 Nov 2014
1 Deutsche Bank 10,942.70 71 9.70%
2 JPMorgan 8,659.61 71 7.68%
3 Credit Suisse 7,596.79 59 6.73%
4 Goldman Sachs 7,373.68 52 6.54%
5 Citi 6,487.29 38 5.75%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 18 Nov 2014
1 JPMorgan 33,033.31 218 10.45%
2 Citi 27,829.02 176 8.80%
3 Bank of America Merrill Lynch 27,378.20 199 8.66%
4 Morgan Stanley 26,056.36 144 8.24%
5 Deutsche Bank 26,017.80 160 8.23%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Nov 2014
1 BNP Paribas 26,757.44 130 0.00%
2 Barclays 24,121.70 104 0.00%
3 HSBC 23,684.22 121 0.00%
4 SG Corporate & Investment Banking 22,667.56 113 0.00%
5 RBS 21,777.91 114 0.00%