Investment grade pricing disparity surfaces

Pricing disparities between Europe’s investment grade borrowers could grow sharply in 2010, said bankers on Wednesday, as they took in deals from Philips and Telecom Italia, two of the first companies to tap the market this year.

  • 20 Jan 2010

Philips, the Dutch consumer electronics group rated A3/A-, will launch a five year refinancing deal paying a margin of 75bp in the next few days. Telecom Italia (Baa2/BBB/BBB), however, is paying 130bp for a three year refinancing.

“Pricing exploded last year as banks’ own funding situation changed and they ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

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4 JPMorgan 52,367.24 169 6.91%
5 Credit Suisse 41,885.89 127 5.53%