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  • Bazalgette cleans up 10 year demand with green bond

    Bazalgette Finance issued its first benchmark bond on Wednesday, when it found itself the only corporate issuer in Europe on the day before the US Thanksgiving holiday.

    • 22 Nov 2017
  • Investors foresee small bouts of corp spread widening

    Corporate bond investors are developing their views for 2018, particularly as new issuance looks set to peter out for the year. There may be only a week or two left of active primary markets, and this week has been shortened by Thursday’s Thanksgiving holiday in the US.

    • 22 Nov 2017
  • Liberty Living gets keen interest for sterling double debut

    Liberty Living, the UK student accommodation provider, built a strong order book for its debut bond on Tuesday. It raised £500m, split equally between seven and 12 year tranches.

    • 21 Nov 2017
  • Eight year feast not sweet for all on Tuesday

    Four new investment grade corporate bond issues in euros and one in sterling ensured European investors were much busier on Tuesday than they had been on Monday.

    • 21 Nov 2017
  • McDonald’s dual tranche keeps reverse Yankee flurry going

    On Tuesday, American fast food chain operator McDonald’s sold the sixth reverse yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.

    • 21 Nov 2017
  • High yield debutant Heide seeks dividend

    European high yield primary action resumed with Heide Raffinerie on Tuesday. As a first time issuer from an industry that makes up only a small portion of the market, the deal will test conditions after recent volatility, said sources.

    • 21 Nov 2017
  • IG pipeline builds ahead of final push as TLG debuts

    Corporate bond issuers are using this week to prepare investors for the last window of issuance of 2017. Monday saw more issuers add their names to the roadshow schedule in Europe as TLG Immobilien used the quiet conditions to issue its debut bond.

    • 20 Nov 2017
  • France's HIT pays up for €1bn dual trancher in tricky week

    French toll road operator Holding d'Infrastructures de Transport paid a hefty premium on Friday as it sold a dual tranche bond to help refinance its March 2018 note.

    • 17 Nov 2017
  • Corporate bond week ahead: give thanks and one final push

    Was this week the last big push for corporate bond issuers to get funding done in Europe, or is there another week of issuance to come, the other side of Thanksgiving?

    • 17 Nov 2017
  • Debut IG issuers jump in as dollar tone improves

    Two companies made their investment grade bow on Thursday as an improvement in sentiment encouraged borrowers to capitalise on decent conditions and wrap up funding in the final weeks of the year.

    • 16 Nov 2017
  • Incredible bulk of demand for hybrids turns a shade of green

    The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.

    • 16 Nov 2017
  • BT leans on euros as sterling demand falters

    The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected.

    • 16 Nov 2017
  • Good things come to those who wait for Diageo concession-free double

    UK-based drinks manufacturer Diageo returned to corporate bond markets on Tuesday after three years without issuing in any bond market. The owner of brands such as Guinness, Johnnie Walker whisky and Tanqueray gin opted for a three year and long six year dual tranche offering on its return.

    • 16 Nov 2017
  • Short dated demand for corporates proves insatiable in fixed and floating

    German housing association Vonovia continued the recent trend for two year floating rate notes (FRNs) on Monday, while French pair Veolia and ALD tapped into the same pool of liquidity with three year issues on Thursday.

    • 16 Nov 2017
  • Festive European levfin wipes US jitters

    Borrowers and investors marched on in the European leveraged finance markets this week, pricing €1.5bn of high yield bonds while bankers have been able to tighten terms on new loan deals during syndication. Deals pulled earlier in the week in the US are already a fading memory.

    • 16 Nov 2017
  • Ørsted goes for green double and tenders for shorter bonds

    Danish power company Ørsted has wasted no time in issuing under its new name after leaving the Dong Energy brand behind earlier in November. On Thursday the issuer sold a green hybrid and a green senior bond, as well as announcing a tender offer for its shorter dated bonds.

    • 16 Nov 2017
  • Gazprom grabs euros with small NIP and lowest ever coupon

    Gazprom this week sold its first euro denominated bond of the year, a €750m seven year, with a new issue premium that a lead manager has estimated at only 0bp-2bp.

    • 16 Nov 2017
  • New Nepi brings seven year

    Central and eastern European real estate giant Nepi opened books on its first deal as newly formed Nepi Rockcastle on Thursday morning.

    • 16 Nov 2017
  • Vodafone pays up for treble as weakening tone hits primary market

    Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the last few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

    • 15 Nov 2017
  • Places for People gets pushed back by sterling investors

    Property has been the standout sector in a good year for sterling corporate bond issuance. On Wednesday, Places for People added to issuance with its first sterling bond of 2017, but failed to tighten from initial price thoughts.

    • 15 Nov 2017
  • Corporates serve up a choice of greens

    Investors in green corporate bonds had two very different deals offered to them on Tuesday. Spanish utility Iberdrola sold a green hybrid bond, while Toyota Motor Credit Corp, Toyota’s auto finance subsidiary, offered a long 3.5 year green tranche alongside a seven year non-green tranche.

    • 14 Nov 2017
  • SELP extends maturity with second deal

    European property company SEGRO European Logistics Partnership (SELP) sold its second ever corporate bond on Monday, doubling its total issuance and extending its maturity profile, while paying very little premium.

    • 13 Nov 2017
  • Corp bond market feels so hot it doesn't need Draghi

    Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.

    • 09 Nov 2017
  • Verisure €1bn divi deal bypass levfin alarms

    Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it.

    • 09 Nov 2017
  • Apple causes indigestion in dash for cash

    The dollar bond market was brought crashing down from its high this week, after a poorly received trade from Apple on Monday sent investors scampering to the sidelines in one of the busiest weeks of the year for supply. Oracle restored some order and Johnson & Johnson (J&J) bucked the trend later in the week, but UPS still found the going tough when it came to market on Thursday.

    • 09 Nov 2017
  • Sub-benchmark deals pay no premium with demand sky high

    Typically, sub-benchmark size deals have to pay a premium to compensate investors for a lack of liquidity. However, with levels of demand meaning all deals are multiple times oversubscribed, these smaller deals are pricing in line with their larger peers.

    • 09 Nov 2017
  • Reverse Yankee demand pulls in Morris and UPS

    European investors are becoming accustomed to US corporate issuers visiting the euro bond market. The hot market this week drew three such companies to issue.

    • 09 Nov 2017
  • Hybrids fly as Eurofins, Ferrovial squeeze pricing

    Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.

    • 09 Nov 2017
  • Nestlé takes well trodden Eurodollar path for tight print

    In recent months Swiss food group Nestlé has extended its euro corporate bond curve with some of its largest ever deals, after it started a Sfr20bn share buy-back programme in July. However, on Thursday it printed its third Eurodollar deal of 2017.

    • 09 Nov 2017
  • Rare floaters overwhelmed by demand

    The trend for corporate issuers in Europe in 2017 has been to sell bonds with longer tenors. However, among this week’s deals were three short dated floating rate notes, which all garnered huge demand.

    • 09 Nov 2017
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Comment

  • Investors foresee small bouts of corp spread widening

    Corporate bond investors are developing their views for 2018, particularly as new issuance looks set to peter out for the year. There may be only a week or two left of active primary markets, and this week has been shortened by Thursday’s Thanksgiving holiday in the US.

    • 22 Nov 2017
  • How to finance corporates, European style

    The European Commission’s Expert Group has offered its suggestions on how to improve corporate bond markets, and they’re pretty good. But large companies, not SMEs, will be the big winners.

    • 21 Nov 2017
  • Are investors parking the bus already?

    There are 15 minutes to go, your team is a goal ahead. The manager has the classic dilemma of throwing on another striker (or three if he is Kevin Keegan) to try and get a second goal to put the result beyond doubt, or replacing his flair player with another defender and trying to hold on to the lead.

    • 16 Nov 2017
  • IG credit premiums widen, leveraged debt still hot

    Investors are keeping a close eye on the widening of corporate bond spreads that started in the second half of last week and has continued this week. And for the first time in many weeks, issuers are having to pay more for their new debt.

    • 15 Nov 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,938.31 718 7.17%
2 Bank of America Merrill Lynch 147,126.56 669 6.40%
3 Citi 129,749.67 692 5.64%
4 Goldman Sachs 105,301.08 448 4.58%
5 Barclays 99,621.62 449 4.33%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,974.23 134 6.39%
2 Deutsche Bank 26,448.76 95 6.27%
3 Barclays 26,394.12 121 6.26%
4 HSBC 25,650.40 123 6.08%
5 Citi 22,829.99 98 5.41%

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 164,938.31 718 7.17%
2 Bank of America Merrill Lynch 147,126.56 669 6.40%
3 Citi 129,749.67 692 5.64%
4 Goldman Sachs 105,301.08 448 4.58%
5 Barclays 99,621.62 449 4.33%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 29,154.37 137 8.85%
2 Barclays 24,473.15 99 7.43%
3 Deutsche Bank 22,163.65 93 6.73%
4 SG Corporate & Investment Banking 20,050.48 104 6.09%
5 HSBC 19,151.76 90 5.81%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 7,123.00 59 7.43%
2 Goldman Sachs 6,789.41 55 7.08%
3 Deutsche Bank 5,954.72 59 6.21%
4 Credit Suisse 5,809.63 61 6.06%
5 BNP Paribas 5,208.30 57 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 33,802.85 265 10.75%
2 Citi 26,963.27 215 8.58%
3 Bank of America Merrill Lynch 25,506.35 227 8.11%
4 Goldman Sachs 23,587.99 168 7.50%
5 Barclays 20,408.08 140 6.49%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 26,974.23 134 6.39%
2 Deutsche Bank 26,448.76 95 6.27%
3 Barclays 26,394.12 121 6.26%
4 HSBC 25,650.40 123 6.08%
5 Citi 22,829.99 98 5.41%