How wrong can a rating agency be?

You are looking to buy an item on Amazon. The first two reviews could not be more contrasting. One is a glowing five star rating. The other is a one star hatchet job. Which do you believe? This was akin to the situation facing investors considering Amazon’s new bond on Tuesday, with Moody’s opinion of the company four notches lower than that of S&P.

  • By Nigel Owen
  • 17 Aug 2017

S&P assigned a AA- rating to the online retailer in November 2012, based on an “expectation for strong cash flow generation and that business conditions will remain favourable for online retailers, with growth rates among the highest for the entire retail industry”.

Research house, CreditSights sees other ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 71,795.24 248 8.65%
2 JPMorgan 59,685.75 255 7.19%
3 Bank of America Merrill Lynch 52,401.35 173 6.31%
4 Barclays 50,153.02 148 6.04%
5 Deutsche Bank 44,937.03 167 5.41%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 9,857.42 14 13.05%
2 SG Corporate & Investment Banking 7,833.35 12 10.37%
3 Goldman Sachs 5,773.27 11 7.65%
4 Citi 4,606.54 14 6.10%
5 BNP Paribas 4,132.76 19 5.47%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 2,546.04 12 11.21%
2 JPMorgan 1,732.54 10 7.63%
3 Credit Suisse 1,727.84 7 7.61%
4 Deutsche Bank 1,465.10 11 6.45%
5 Citi 1,285.41 7 5.66%