Fund flows and Crossover spell bad news for HY

The European high yield bond market is on rocky ground, as fund outflows are reaching record highs and the Markit iTraxx Crossover index moved above 440bp intraday, before recovering to around 435bp.

  • 27 Jun 2011

High yield bond funds suffered their biggest weekly outflow on record in the week to June 22, according to data provider EPFR Global, as $3.5bn was withdrawn from the asset class.

“It was no surprise, but it is clearly not good news,” said a high yield banker in London.

EPFR ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 142,180.40 623 7.02%
2 Bank of America Merrill Lynch 126,800.01 582 6.26%
3 Citi 114,788.05 607 5.66%
4 Goldman Sachs 94,228.53 399 4.65%
5 Barclays 89,649.42 397 4.42%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 24,789.49 114 8.87%
2 Barclays 21,221.42 83 7.60%
3 Deutsche Bank 18,530.93 78 6.63%
4 HSBC 16,938.83 77 6.06%
5 SG Corporate & Investment Banking 15,665.73 86 5.61%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,988.32 51 7.65%
2 Goldman Sachs 5,851.83 48 7.48%
3 Deutsche Bank 5,236.76 54 6.69%
4 Credit Suisse 4,633.16 52 5.92%
5 Barclays 4,263.74 37 5.45%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29,908.43 233 10.55%
2 Citi 23,833.79 189 8.41%
3 Bank of America Merrill Lynch 23,183.88 205 8.18%
4 Goldman Sachs 20,887.87 148 7.37%
5 Barclays 19,256.47 129 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 23,833.79 81 6.44%
2 HSBC 23,751.92 108 6.41%
3 Barclays 23,613.64 104 6.38%
4 BNP Paribas 23,234.24 113 6.27%
5 Citi 20,539.24 87 5.55%