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  • Mercada enjoys clear run at sub-benchmark debut

    Finnish property company, Mercada, was a lone issuer in the corporate bond market on Monday. Its €175m five year deal q was printed while issuers that completed roadshows last week paused.

    • 16 Oct 2017
  • Tesco and Verizon announce dual currency tender offers

    UK grocer Tesco and US telecoms company Verizon both announced tender offers for some of their outstanding bonds in euros and sterling. Tesco is offering to buy up to £700m equivalent, while Verizon will confirm the size of its repurchase once it has sold new euro and sterling bonds.

    • 16 Oct 2017
  • Europcar defies Catalexit with HY deal for Goldcar LBO

    French car hire group Europcar opened the high yield bond primary market on Monday with new debt to fund the acquisition of Spanish peer Goldcar, demonstrating how little investors are worrying about the escalating crisis between Catalonia and Spain over the former's push for independence.

    • 16 Oct 2017
  • Corporate bond week ahead: hot market but where are the issuers?

    Companies that have priced bonds in Europe this week have paid very small new issue premiums, but only four deals have been priced in euros. The sterling market was almost as busy, with three issues. Bankers are, however, working hard to bring deals to market.

    • 13 Oct 2017
  • RTE and WM Housing get good long Friday deals

    Corporate bond deals are often executed on Fridays to give issuers some space in crowded weeks. However, Friday was one the busiest days of this week, with both euro and sterling investors offered long dated deals to consider.

    • 13 Oct 2017
  • Utilities buyers kept busy with run of new issues

    In a busy week for utility company bonds Iren, the Italian electricity and gas distributor, on Tuesday announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.

    • 12 Oct 2017
  • Folli Follie finds success in Swiss francs

    Unrated jewellery company Folli Follie debuted in the Swiss franc bond market on Wednesday, having failed in a previous attempt — a sign that retail buyers are becoming more receptive, market participants said.

    • 12 Oct 2017
  • Innogy gets upgraded, then sells super-tight green bond

    Innogy, the German utility split off from RWE in April 2016, on Wednesday announced it would be holding investor calls about a new benchmark 10 year debut green bond issue. Later in the day, Standard & Poor’s upgraded the issuer to BBB.

    • 12 Oct 2017
  • Aroundtown sterling debut highlights market strength

    The sterling bond market is enjoying a golden age. That was in clear evidence this week when a German-focused property company with very few sterling assets to fund chose to sell its debut deal in the currency. Nigel Owen reports.

    • 12 Oct 2017
  • Tight A2A sub-benchmark highlights how investors are hunting yield

    On Wednesday, A2A became the second Italian utility this week to sell a 10 year new issue. The company achieved the current benchmark low single digit new issue premium for its €300m deal.

    • 11 Oct 2017
  • Hyderabad Airport’s debut dollar bond nears take off

    The operator of Hyberabad’s international airport is planning a visit to the dollar bond market.

    • 10 Oct 2017
  • Noga makes first foray into bonds

    Bahrain’s Oil and Gas Holding Company (Noga) is set to hit the road to market a debut 144A/Reg S dollar denominated benchmark trade with a tenor of up to 10 years, less than two years after the company made its debut in the syndicated loan market.

    • 10 Oct 2017
  • Snam plays it again with 10 year but has to settle for 2bp NIC

    Italian gas utility Snam repeated the new issue-and-tender strategy it used in 2016 as it printed its third ever 10 year bond on Tuesday. The company was not able to replicate the zero new issue premium it achieved 12 months ago, but did still price at a very tight spread.

    • 10 Oct 2017
  • Iren to go green with tender

    On Tuesday, Iren, the electricity and gas distributor, announced a new benchmark green bond alongside a tender offer for some of its outstanding bonds.

    • 10 Oct 2017
  • Statnett to debut in euros as RWE announces buy-back results

    On Monday, Statnett, the Norwegian state electricity grid company, mandated banks for its debut benchmark bond issue in euros. This followed German power utility RWE announcing the results of its recent tender offer on Friday.

    • 09 Oct 2017
  • Columbus Day squeezes corporate bond issuance into four days

    Issuers and syndicates in the corporate bond market are lining deals up for a four day week this week. The Columbus Day holiday in the US shouldn’t necessarily mean no deals in the European market, but a mixed tone to the secondary market means participants are erring on the side of caution.

    • 09 Oct 2017
  • Eurotorg preps Belarusian first course

    Food retailer Eurotorg met investors this week to market the first ever international bond from a Belarusian corporate, but bankers were sceptical about whether there will be an influx of issuance from the former soviet state.

    • 09 Oct 2017
  • Corporate bond week ahead: Columbus to affect supply, not Catexit

    After effectively a three day week this week, due to the German Unity Day holiday, syndicate desks are expecting the corporate bond market to operate for at least four days next week, after the Columbus Day holiday in the US. Some syndicate managers are saying the days off have come at a good time.

    • 06 Oct 2017
  • Disney shows Maple is no Mickey Mouse market

    Walt Disney joined the swell of blue chips entering the Maple market, selling C$1.25bn ($1bn) of seven year notes on Wednesday. Maple bonds, a suburb of niche currency markets for years, is becoming a hotbed for blue chips in search of diversification, writes Silas Brown.

    • 05 Oct 2017
  • Cofiroute pays low tariff for 10 year on first outing of 2017

    On Wednesday, French toll road operator Cofiroute paid a low single digit new issue premium for its first corporate bond deal in over a year. The 10 year deal found favour with its faithful French investor base.

    • 05 Oct 2017
  • German investors chase yield with unrated BayWa hybrid

    The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.

    • 05 Oct 2017
  • Investors offered choice of telecoms providers on Thursday

    On Thursday, the European corporate bond markets had two new telecoms deals to consider. Iliad, and unrated French issuer, priced a seven year deal, while Telecom Italia opted for longer.

    • 05 Oct 2017
  • FCA Bank benefits from taking short option

    Italian auto finance bank FCA Bank on Wednesday opted to go for a short maturity for the lowest cost of funding for its latest bond issue. A €800m three year deal achieved just that, pricing with barely any new issue premium.

    • 05 Oct 2017
  • Three more tranches of fashionable real estate for sterling bond buyers

    Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.

    • 05 Oct 2017
  • Iran oil links leave question mark over Turkey’s Tupras

    Turkish oil refiner Tüpraş will start roadshowing a 10 year dollar bond on Friday, but the issuer’s links to Iran are expected to raise questions on the roadshow.

    • 04 Oct 2017
  • Investors seek right names to eke out further tightening

    German Unity Day and Golden Week in Asia have given European corporate bond investors a break from new issues and a chance to consider whether the current tight level of spreads is right or too tight. Many expect more tightening to come, so picking the right sectors and geographies will be the key to performance.

    • 04 Oct 2017
  • Corporate bond market looks unshakable by all but central banks

    The investment grade corporate bond markets in Europe have stood firm in the wake of the mass shooting in Las Vegas on Sunday and political uncertainty in Catalonia. German Unity Day led to a third blank day for corporate bonds in Europe, but syndicate managers were comfortable about new issuance conditions for the foreseeable future.

    • 03 Oct 2017
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Comment

  • Corporate bond buyers scan horizon for fundamental risks

    The corporate bond market has endured many disruptive headlines in recent years, but it has remained resilient, thanks to investors sticking to considering credit fundamentals as the most important factor when evaluating their strategies.

    • 11 Oct 2017
  • Green by words rather than action?

    Last Friday saw GlobalCapital launch our new twice-weekly email round-up of SRI and green finance news. Everywhere you turn in the bond markets, every bank or investor you speak to, it doesn’t take long before green bonds are mentioned.

    • 28 Sep 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 142,092.90 622 7.08%
2 Bank of America Merrill Lynch 126,485.14 579 6.30%
3 Citi 113,573.09 601 5.66%
4 Goldman Sachs 93,780.72 394 4.67%
5 Barclays 89,036.16 395 4.44%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 23,833.79 81 6.52%
2 HSBC 23,751.92 108 6.50%
3 Barclays 23,497.73 103 6.43%
4 BNP Paribas 22,998.19 112 6.29%
5 Citi 20,118.07 85 5.50%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 142,092.90 622 7.08%
2 Bank of America Merrill Lynch 126,485.14 579 6.30%
3 Citi 113,573.09 601 5.66%
4 Goldman Sachs 93,780.72 394 4.67%
5 Barclays 89,036.16 395 4.44%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 24,553.43 113 8.90%
2 Barclays 21,105.51 82 7.65%
3 Deutsche Bank 18,530.93 78 6.72%
4 HSBC 16,938.83 77 6.14%
5 SG Corporate & Investment Banking 15,549.67 85 5.64%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,988.32 51 7.85%
2 Goldman Sachs 5,669.99 45 7.43%
3 Deutsche Bank 5,047.48 51 6.61%
4 Credit Suisse 4,633.16 52 6.07%
5 Barclays 4,263.74 37 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29,820.93 232 10.58%
2 Citi 23,746.29 188 8.42%
3 Bank of America Merrill Lynch 22,954.16 203 8.14%
4 Goldman Sachs 20,887.87 148 7.41%
5 Barclays 19,256.47 129 6.83%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 23,833.79 81 6.52%
2 HSBC 23,751.92 108 6.50%
3 Barclays 23,497.73 103 6.43%
4 BNP Paribas 22,998.19 112 6.29%
5 Citi 20,118.07 85 5.50%