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
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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
  • 24 Jul 2017
1 Citi 253,106.92 930 8.89%
2 JPMorgan 230,914.50 1036 8.11%
3 Bank of America Merrill Lynch 221,389.46 762 7.78%
4 Goldman Sachs 171,499.26 554 6.03%
5 Barclays 169,046.60 646 5.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 HSBC 27,039.93 106 7.36%
2 Deutsche Bank 25,125.19 81 6.84%
3 Bank of America Merrill Lynch 23,128.33 61 6.29%
4 BNP Paribas 19,315.94 110 5.26%
5 Credit Agricole CIB 18,706.93 106 5.09%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Jul 2017
1 JPMorgan 13,488.13 59 8.47%
2 Citi 11,496.21 73 7.22%
3 UBS 11,302.86 45 7.09%
4 Morgan Stanley 10,864.95 59 6.82%
5 Goldman Sachs 10,434.21 54 6.55%