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Corp Bonds

Retail bid helps Metro €500m pay bargain 2bp-7bp premium

German retailer and wholesaler Metro sold its first benchmark euro bond for two years on Wednesday, and capitalised on its rarity to obtain an exceptionally low new issue premium, by recent standards, of 2bp-7bp.

  • 24 Feb 2012

The €500m no-grow seven year came on the same day as KPN’s €750m 10 year, but although the deal was more modest, the pricing was more spectacular, at least according to the leads.

Rated Baa2/BBB/BBB, with a negative outlook from Moody’s, Metro has issued two small MTNs in euros ...

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1 BNP Paribas 24,069.61 112 4.35%
2 SG Corporate & Investment Banking 19,743.06 94 3.57%
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5 Barclays 14,641.97 64 2.65%

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1 Deutsche Bank 10,634.63 68 0.00%
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5 Credit Suisse 22,843.03 145 8.11%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 28 Oct 2014
1 BNP Paribas 22,715.72 115 6.41%
2 HSBC 21,419.04 113 6.05%
3 SG Corporate & Investment Banking 21,222.82 104 5.99%
4 RBS 20,418.84 105 5.76%
5 Barclays 20,043.26 93 5.66%