New Corporates

The primary market picked up a bit from recent weeks. Although some deals were still getting pulled, many others got done and were priced correctly.

  • 28 May 2004
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The primary market picked up a bit from recent weeks. Although some deals were still getting pulled, many others got done and were priced correctly.  Investors said there were a variety of deals to pick from and more demand was seen in the market.  
 
Herbst Gaming, a Nevada casino and gas station operator, planned to sell $150 million in senior subordinated notes due in ’12, with the proceeds being used to refinance an existing deal. Price talk is 8 to 8 1/4%. At a rating of B3/B-, that level is rather low, according to a buy-side gaming analyst. Lehman Brothers is the sole underwriter for the deal.
 
Autocam Corp., an auto parts maker, sold $140 million of 10-year senior subordinated notes through Goldman Sachs and Citigroup Global Markets. The B3/B- notes were priced at 10.875%. Diane Keefe, portfolio manager at Pax World Management in New York, said she did not participate because Autocam’s capital expenditure to EBITDA ratio is too high. Other investors said they are concerned the auto supply sector will go through a slow period because car inventory is currently high.
  • 28 May 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 356,356.29 1337 9.08%
2 JPMorgan 317,952.80 1443 8.10%
3 Bank of America Merrill Lynch 316,523.82 1098 8.06%
4 Goldman Sachs 235,165.28 784 5.99%
5 Barclays 229,116.44 888 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,411.72 162 6.58%
2 Deutsche Bank 34,293.84 117 6.56%
3 Bank of America Merrill Lynch 31,113.25 94 5.95%
4 BNP Paribas 27,578.61 168 5.27%
5 SG Corporate & Investment Banking 23,982.83 136 4.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.84%
2 Morgan Stanley 16,323.54 83 7.38%
3 Citi 15,946.50 94 7.21%
4 UBS 15,404.75 59 6.97%
5 Goldman Sachs 13,695.77 74 6.19%