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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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  • 23 Feb 2015
1 JPMorgan 19,942.91 89 7.66%
2 Citi 17,479.08 67 6.71%
3 Deutsche Bank 14,676.92 59 5.64%
4 Goldman Sachs 14,481.25 57 5.56%
5 Bank of America Merrill Lynch 14,360.57 65 5.51%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 24 Feb 2015
1 SG Corporate & Investment Banking 6,138.80 15 0.00%
2 Barclays 4,880.16 12 0.00%
3 BNP Paribas 4,799.80 20 0.00%
4 HSBC 4,402.92 15 0.00%
5 Deutsche Bank 3,182.86 8 0.00%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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  • 24 Feb 2015
1 Credit Suisse 2,541.85 14 6.00%
2 Deutsche Bank 1,980.97 14 4.68%
3 Citi 1,694.40 7 4.00%
4 Morgan Stanley 1,608.82 12 3.80%
5 Barclays 1,467.38 8 3.46%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 24 Feb 2015
1 JPMorgan 4,558.94 29 9.65%
2 Deutsche Bank 4,285.41 25 9.07%
3 Citi 4,160.43 28 8.81%
4 Barclays 3,837.98 19 8.13%
5 Morgan Stanley 3,821.40 23 8.09%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 24 Feb 2015
1 SG Corporate & Investment Banking 6,254.74 14 11.74%
2 Barclays 5,022.71 12 9.43%
3 BNP Paribas 3,762.80 16 7.07%
4 HSBC 3,074.32 11 5.77%
5 Citi 2,664.42 8 5.00%