HY PM Looks To Take Gains In Merchant Energy

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  • 08 Apr 2003
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TimesSquare Capital Management may look to take some gains in the merchant energy sector as part of a move to reduce credit risk in its portfolio. Ron Bringewatt, high-yield portfolio manager at the New York firm, argues that the torrid pace of gains in the high-yield market since October is likely to reverse itself at some point. TimesSquare will move into higher quality sectors to prepare for the expected correction. Bringewatt would not give further details, other than to say that he would likely sell some Williams Co. (Caa1/B) 9.25% of '04. Those bonds, bid at 98.5 last Thursday morning, were in the low 80s as recently as January.

Credit quality among energy wholesalers has not yet hit bottom, says Suzanne Smith, director at Standard & Poor's, and none of the companies in the sector are formally under review for an upgrade. "The fundamentals in the sector are still pretty poor, and there's a huge capacity to work off from overbuilding," she says. Smith would not hazard a guess as to when the bottom might come, but she does believe that the industry will survive, as the Federal Energy Regulatory Commission has been pushing hard to maintain a competitive market for wholesale electricity.

 

  • 08 Apr 2003

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%