Alcatel Widens In Short Week

  • 10 Jun 2002
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Five-year credit-default protection on French telecom giant Alcatel widened roughly 30 basis points last week in thin trading, in what traders described as a defensive tone to the market. The company's default swaps widened to 455-505bps Wednesday in London, after a long holiday weekend. One trader attributed the widening to broader negative sentiment from the previous week and the fact that London trading is likely to be thin for the entire week given the Jubilee celebrations and the much-anticipated World Cup match between England and Argentina. "Everyone's just being a little defensive," he noted.

Mattias Soderberg, a credit analyst at JPMorgan in London, said despite the wider default swap spreads, the credit outlook on Alcatel has not changed. "There hasn't been any news, it's just a continuation of a nervous market." He added that comments from Swedish phone maker Eriksson that telecom infrastructure spending would still be slack until 2004 may have contributed to Alcatel's widening, but said those comments were more specific to Eriksson and should not have led to widening in Alcatel.

Moody's Investors Service rates Alcatel Baa2 and has it on downgrade watch, while Standard & Poor's has it at BBB, also on negative watch.

Five-Year Credit Protection On Alcatel

Source: JPMorgan

  • 10 Jun 2002

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%