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
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 BNP Paribas 43,328.12 198 6.63%
2 JPMorgan 42,145.56 84 6.45%
3 HSBC 38,419.93 154 5.88%
4 UniCredit 37,616.85 180 5.75%
5 ING 30,163.46 163 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 10 Jan 2017
1 Emirates NBD PJSC 408.38 1 31.73%
2 SG Corporate & Investment Banking 166.67 1 12.95%
2 JPMorgan 166.67 1 12.95%
2 Credit Agricole CIB 166.67 1 12.95%
5 Morgan Stanley 59.80 1 4.65%