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  • Grand City tenders and extends while Sodexo taps

    After Monday’s British flavour to corporate bond issuance, German property company, Grand City Properties, and French food services company, Sodexo, brought deals to the market on Tuesday. Grand City printed a €600m nine year new issue and Sodexo tapped its €600m 0.75% April 2027 deal for €200m.

    • 25 Jul 2017
  • HY pipeline builds but unpredictable September ahead

    Bankers speaking to GlobalCapital seemed unable to make up their minds about how the second half of the year will play out in the European high yield market. But they agreed that deals in the works for September will bring little challenge for investors.

    • 25 Jul 2017
  • MOL closes debut Schuldschein

    Oil and gas company MOL became the first Hungarian issuer to raise funds in the Schuldschein market, in a sign that more lenders, given the right credit, are prepared to be tempted eastwards.

    • 25 Jul 2017
  • Investors happy with 175bp after six year wait for Eversholt

    Eversholt Rail, the UK railway carriage leasing company, returned to the bond market after a six year gap today, to borrow £400m of 25 year amortising debt.

    • 24 Jul 2017
  • Spreads super-tight as Unilever raises €1.9bn

    Forecasts that Europe's corporate bond market would be all but closed for the summer this week were belied by Unilever on Monday: it launched its biggest ever euro bond and got some of the tightest corporate pricing this year.

    • 24 Jul 2017
  • Indonesia’s ABM drills for dollar debut

    Indonesia’s ABM Investama began marketing its inaugural dollar bond on Tuesday morning, opting for a 144A deal to reach US investors as well.

    • 25 Jul 2017
  • Diamond on display as HY eyes summer recess

    Just one borrower occupied European high yield bond pipeline at the start of this week giving the impression the market is about to slow for summer. Bain Capital’s hygiene product supplier Diamond, is out on a roadshow.

    • 24 Jul 2017
  • Zhongnan Construction, Weichai Power to venture offshore

    Jiangxu Zhongnan Construction Group Co and Weichai Power Co are eyeing the international market for foreign currency bonds, with the former planning a debut $300m three year and the latter €650m-equivalent.

    • 24 Jul 2017
  • Corporate bond week ahead: Draghi ensures suitcases remain unpacked

    European Central Bank president Mario Draghi may have signed off for the summer by dampening debate around tapering of the ECB’s bond purchasing, but investors are still at their desks with money to spend.

    • 21 Jul 2017
  • Thermo Fisher raises over half of Patheon consideration in four tranches

    Thermo Fisher Scientific announced in May that it was to acquire Patheon for $7.2bn, including $2bn of net debt. Thermo Fisher expected to finance the deal with $5.2bn of debt and $2bn of equity. On Tuesday it put a big dent in the debt figure with a €2.6bn four tranche corporate bond offer.

    • 20 Jul 2017
  • Terna keeps the triple-B demand turned on

    Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

    • 20 Jul 2017
  • DS Smith wraps up tidy dual-currency package

    DS Smith was warmly welcomed back to the European corporate bond markets by investors, nearly two years after its inaugural deal. The UK packaging company received a strong orderbook for its euro tranche, but an even stronger book for its debut sterling tranche.

    • 20 Jul 2017
  • Eurofins is able supporting act on science double bill

    Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday — and both announced deals on Tuesday. The science double bill proved no horror story, though, with investors clamouring for unrated Eurofins as well as Thermo Fisher’s jumbo multi-tranche deal.

    • 20 Jul 2017
  • Successful ADO debut drains the pipeline further

    ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply line is fading into the summer sun faster than the demand.

    • 20 Jul 2017
  • Kroger, Couche-Tard lead dollar trolley dash

    Kroger and Alimentation Couche-Tard led a flurry of issuance by dollar borrowers to exploit red hot demand for high grade paper. With the bulk of corporate America in earnings blackout, the retailers demonstrated the strength of investor sentiment.

    • 20 Jul 2017
  • Steinhoff makes itself comfortable in euros

    Steinhoff Europe, the furniture maker, made its debut in senior euro corporate bond markets on Monday, and was the only issuer to offer investors a transaction on the day. The €800m 7.5 year deal followed a European roadshow last week.

    • 17 Jul 2017
  • Gemdale kicks off roadshow for first outing in five years

    Gemdale Corp has tapped two banks as leads on a dollar bond, after recently receiving the go-ahead for the issuance from its board and China’s National Development and Reform Commission.

    • 17 Jul 2017
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The GlobalCapital View logo   Comment

Comment

  • You don't always want what you want

    Investors complain often and vocally about so many aspects of new issue execution. Often their complaints fall on deaf ears, sometimes they are acknowledged, and occasionally they are acted upon. This week an issuer considered complaints that had rung in their ears for over a year, only to find investors did not want what they said after all.

    • 20 Jul 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 JPMorgan 95,916.14 419 7.02%
2 Bank of America Merrill Lynch 84,274.67 386 6.17%
3 Citi 79,024.69 396 5.79%
4 Barclays 64,919.42 275 4.75%
5 Deutsche Bank 61,725.14 258 4.52%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,183.41 86 7.11%
2 Deutsche Bank 18,344.32 59 6.80%
3 HSBC 17,459.90 79 6.47%
4 Barclays 17,134.62 76 6.35%
5 Citi 15,489.08 65 5.74%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 JPMorgan 95,916.14 419 7.02%
2 Bank of America Merrill Lynch 84,274.67 386 6.17%
3 Citi 79,024.69 396 5.79%
4 Barclays 64,919.42 275 4.75%
5 Deutsche Bank 61,725.14 258 4.52%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 20,079.87 85 9.10%
2 Barclays 17,657.40 65 8.00%
3 Deutsche Bank 15,485.95 59 7.02%
4 HSBC 13,677.26 58 6.20%
5 SG Corporate & Investment Banking 12,319.14 63 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,262.65 41 8.52%
2 Goldman Sachs 4,273.93 33 6.92%
3 Deutsche Bank 4,249.17 39 6.88%
4 Credit Suisse 3,915.70 42 6.34%
5 Barclays 3,740.83 31 6.05%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 22,011.32 165 11.16%
2 Citi 17,958.06 133 9.10%
3 Bank of America Merrill Lynch 15,724.51 136 7.97%
4 Barclays 13,657.72 88 6.92%
5 Goldman Sachs 13,596.26 99 6.89%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 19,183.41 86 7.11%
2 Deutsche Bank 18,344.32 59 6.80%
3 HSBC 17,459.90 79 6.47%
4 Barclays 17,134.62 76 6.35%
5 Citi 15,489.08 65 5.74%