Danaher raises €850m with unusual sequence of price tightening

Danaher Corp, the US healthcare technology group, issued a €850m dual tranche bond on Monday. The latest Reverse Yankee issuer found strong demand for both tranches, resulting in minimal new issue concessions.

  • By Nigel Owen
  • 19 Jun 2017

Bank of America Merrill Lynch, BNP Paribas and Deutsche Bank led the €250m five year FRN and 10 year fixed rate bond, which was launched as a €500m note and increased to €600m.

The deal was issued to help repay Danaher’s €500m FRN that expires on June 30, and ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 46,808.73 209 6.53%
2 Bank of America Merrill Lynch 39,925.09 196 5.57%
3 Citi 34,477.90 202 4.81%
4 Goldman Sachs 34,282.61 123 4.78%
5 Barclays 33,184.98 128 4.63%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 10,811.46 48 9.37%
2 SG Corporate & Investment Banking 8,845.66 38 7.66%
3 Goldman Sachs 8,625.56 18 7.47%
4 HSBC 7,155.65 41 6.20%
5 UniCredit 7,055.47 28 6.11%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 2,239.51 23 8.25%
2 BNP Paribas 2,058.17 23 7.58%
3 Goldman Sachs 1,760.56 17 6.49%
4 Credit Suisse 1,673.86 16 6.17%
5 Morgan Stanley 1,511.02 10 5.57%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 10,024.77 74 10.18%
2 Citi 6,785.07 56 6.89%
3 Bank of America Merrill Lynch 6,757.41 63 6.86%
4 Barclays 6,719.90 48 6.82%
5 Credit Suisse 6,011.71 44 6.11%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 9,857.98 41 6.23%
2 BNP Paribas 9,779.54 44 6.18%
3 JPMorgan 9,700.92 35 6.13%
4 Deutsche Bank 9,268.37 38 5.85%
5 Goldman Sachs 8,943.16 20 5.65%