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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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  • 18 Nov 2014
1 JPMorgan 139,011.80 649 6.96%
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5 Morgan Stanley 90,030.95 509 4.51%

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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%
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5 Barclays 17,463.56 73 0.00%

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Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 10,942.70 71 9.70%
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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 %
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  • 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%