Picard Surgelés gets rare PIK deal away to lever up

Frozen food retailer Picard Surgelés this week issued a Eu38m payment in kind note in the first European issue of that type in 2010. However, the deal does not indicate that these high risk deals are returning to the broader market.

  • 03 Dec 2010
The notes were issued through a private placement and enable Picard to come to market with a further transaction of up to Eu97m. They are paying a coupon of 12% and will mature in 2019. Only a small number of high yield investors participated in the offer, market ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 129,893.78 562 7.22%
2 Bank of America Merrill Lynch 117,313.64 530 6.52%
3 Citi 102,948.94 532 5.73%
4 Goldman Sachs 85,307.58 349 4.74%
5 Barclays 80,468.49 350 4.47%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 22,082.43 98 8.71%
2 Barclays 19,647.01 74 7.75%
3 Deutsche Bank 17,369.20 70 6.85%
4 HSBC 15,446.24 67 6.09%
5 SG Corporate & Investment Banking 14,434.81 77 5.69%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,335.13 43 7.91%
2 Goldman Sachs 4,721.48 37 7.00%
3 Deutsche Bank 4,563.62 43 6.77%
4 Credit Suisse 4,353.57 48 6.46%
5 Barclays 4,075.90 34 6.05%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 26,963.24 210 10.82%
2 Citi 20,901.57 165 8.39%
3 Bank of America Merrill Lynch 20,737.25 183 8.32%
4 Goldman Sachs 18,279.20 131 7.34%
5 Morgan Stanley 17,353.91 102 6.97%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 26,454.29 102 6.87%
2 HSBC 25,726.70 116 6.68%
3 Deutsche Bank 25,363.90 91 6.59%
4 Citi 23,533.28 107 6.11%
5 JPMorgan 22,896.76 127 5.95%