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
  • 23 May 2016
1 Bank of America Merrill Lynch 61,073.97 197 6.55%
2 JPMorgan 60,854.21 202 6.53%
3 Citi 54,358.91 201 5.83%
4 Deutsche Bank 47,541.47 146 5.10%
5 Barclays 45,823.37 152 4.92%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 24 May 2016
1 Deutsche Bank 13,122.85 38 3.97%
2 Bank of America Merrill Lynch 11,385.13 32 3.44%
3 BNP Paribas 11,254.76 46 3.40%
4 Citi 11,205.01 39 3.39%
5 SG Corporate & Investment Banking 11,172.07 49 3.38%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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  • 24 May 2016
1 Deutsche Bank 4,315.54 21 11.96%
2 Goldman Sachs 4,022.47 17 11.15%
3 Citi 3,554.32 10 9.85%
4 Barclays 2,858.46 14 7.93%
5 JPMorgan 2,260.35 14 6.27%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 24 May 2016
1 JPMorgan 11,660.94 74 11.64%
2 Bank of America Merrill Lynch 10,629.58 63 10.61%
3 Citi 9,139.72 53 9.12%
4 Barclays 9,054.87 52 9.04%
5 Goldman Sachs 8,537.29 52 8.52%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2016
1 Deutsche Bank 14,052.22 27 7.23%
2 Barclays 11,937.74 27 6.15%
3 BNP Paribas 11,757.87 38 6.05%
4 Citi 10,916.32 37 5.62%
5 SG Corporate & Investment Banking 10,831.33 42 5.58%