Central bank concerns send corp bond investors on yield hunt

The direction of central bank policy is increasingly coming to govern Investment grade and high yield bond investors' hunt for yield, with many of the latter now looking to triple-C rated paper to better hedge against the risk of rate hikes.

  • By Max Bower, Nigel Owen, Victor Jimenez
  • 12 Jul 2017

In the first three days of this week, six deals have been launched by investment grade corporates in European bond markets. All have been comfortably oversubscribed, but deal sizes are falling and bankers are having to hunt to find more deals to satisfy investors.

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 13,447.51 80 5.51%
2 Bank of America Merrill Lynch 13,357.85 72 5.47%
3 JPMorgan 12,634.37 66 5.18%
4 Deutsche Bank 11,223.90 52 4.60%
5 BNP Paribas 10,639.25 48 4.36%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,332.16 20 12.18%
2 Deutsche Bank 4,147.60 17 9.47%
3 Bank of America Merrill Lynch 2,718.56 9 6.21%
4 UniCredit 2,637.10 11 6.02%
5 SG Corporate & Investment Banking 2,365.25 11 5.40%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 807.11 8 8.39%
2 Morgan Stanley 732.63 4 7.62%
3 Goldman Sachs 657.29 6 6.83%
4 Credit Suisse 577.70 7 6.01%
5 JPMorgan 572.76 6 5.96%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,899.63 30 8.58%
2 JPMorgan 3,874.29 30 8.53%
3 Credit Suisse 3,350.85 23 7.37%
4 Wells Fargo Securities 3,129.35 23 6.89%
5 Bank of America Merrill Lynch 2,721.10 26 5.99%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,027.03 18 9.90%
2 Deutsche Bank 3,888.62 16 7.66%
3 JPMorgan 2,673.61 9 5.27%
4 SG Corporate & Investment Banking 2,480.92 11 4.89%
5 Bank of America Merrill Lynch 2,451.71 7 4.83%