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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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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%
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5 Citi 76,436.78 368 5.19%

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

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Rank Lead Manager Amount €m No of issues Share %
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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%

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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%