Fiat HY bonds appeal in flourishing Euro market

Fallen angel Fiat Finance & Trade issued a Eu1.25bn five year bond today, as investors clamoured for paper in the reopened corporate bond market after a quiet August. The central treasury vehicle of the Italian car firm (Ba1/BB+/BB+) priced the deal to yield 7.75% as demand outstripped expectations.

  • 08 Sep 2009

BNP Paribas, Royal Bank of Scotland and Société Générale built a book of nearly Eu8bn from around 500 accounts after they had released yield guidance of 7.75% to 8%. The level of oversubscription allowed them to price at the tight end of this range.

“This seems to have been ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 99,251.11 279 13.17%
2 Bank of America Merrill Lynch 90,895.27 265 12.06%
3 Wells Fargo Securities 72,661.39 222 9.64%
4 JPMorgan 52,367.24 169 6.95%
5 Credit Suisse 41,885.89 127 5.56%