New Corporates

There were a handful of drive-by offerings in the high-yield market last week, as some issuers sought to take advantage of attractive funding options and raised cash on an ad-hoc basis.

  • 23 Jan 2004
Email a colleague
Request a PDF

There were a handful of drive-by offerings in the high-yield market last week, as some issuers sought to take advantage of attractive funding options and raised cash on an ad-hoc basis. Other borrowers demonstrated the continuing bid for new paper by pricing their bonds within guidance and in most cases, experiencing moves higher on the break.

* One of the more notable transactions was a drive-by offering from Allied Waste Industries , which sold a two-part, $825 million refinancing deal consisting of senior subordinated notes (Ba3/BB-) through UBS Securities , Citigroup Global Markets , and J.P. Morgan Securities . Syndicate pros said that the high-yield market swallowed such a quick transaction indicates just how strong the demand for new bonds is, because these impromptu deals are generally only sold in the high-grade market, where investors are more familiar and comfortable with borrowers and need less time to evaluate credits. The Allied Waste transaction was priced on Wednesday, with the $425 million of 6 1/8% notes due in '14 going at 212 basis points over Treasuries and $400 million of 5 3 Ž 5 % notes be consistent of '11 pricing at 221 over. The bonds were up as much as half a point by late Thursday. They are not expected to trade much higher because the waste management company still has a lot of debt outstanding, according to one portfolio manager.

 

* Procter & Gamble sold $500 million of 5 1 Ž 2 % notes due in '34 that drew investor interest for its scarcity value. The Cincinnati household goods company is part of a rare breed of double-A corporates to come to market, which helped it attract interest from investors, according to Mike Snyder , a portfolio manager at Alliance Capital Management . He did not participate in the offering but managers for other accounts at Alliance did. The bonds were priced at 68 basis points over Treasuries on Wednesday and tightened a couple basis points a day later as investors scrambled to get a piece of the action. ABN AMRO , Deutsche Bank and Goldman Sachs co-managed the deal.

  • 23 Jan 2004

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
  • 14 Mar 2017
1 Bank of America Merrill Lynch 10,650.87 23 11.13%
2 Deutsche Bank 8,169.49 17 8.53%
3 HSBC 6,243.46 23 6.52%
4 Citi 4,355.35 13 4.55%
5 SG Corporate & Investment Banking 4,273.37 17 4.46%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Mar 2017
1 JPMorgan 6,305.34 22 10.84%
2 Deutsche Bank 4,468.97 23 7.68%
3 UBS 4,270.64 20 7.34%
4 Citi 3,833.33 28 6.59%
5 Goldman Sachs 3,788.75 20 6.51%