US corporates stay tight as bull market rages amid Yellen replacement concerns

Corporate borrowers dashed to print as investment grade spreads maintained their record levels ahead of a sell-off in US Treasuries, as speculation grew that US president Donald Trump would appoint a policy hawk to replace Janet Yellen as Fed chief.

  • By David Rothnie
  • 26 Oct 2017

“Spread product looks cheap to Treasuries and that is helping to drive a strong technical demand, which has been the story of the last several weeks,” said Peter Burger, head of debt syndicate for the Americas at HSBC in New York.

US Treasury yields rose as ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 45,590.25 204 6.47%
2 Bank of America Merrill Lynch 39,462.38 192 5.60%
3 Citi 34,103.62 199 4.84%
4 Goldman Sachs 33,833.68 121 4.80%
5 Barclays 32,581.37 126 4.62%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 10,750.18 47 9.65%
2 Goldman Sachs 8,556.64 17 7.68%
3 SG Corporate & Investment Banking 8,358.42 35 7.50%
4 UniCredit 7,055.47 28 6.34%
5 HSBC 6,903.62 39 6.20%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 2,290.48 23 8.55%
2 BNP Paribas 2,008.60 22 7.50%
3 Goldman Sachs 1,760.56 17 6.57%
4 Morgan Stanley 1,647.46 11 6.15%
5 Credit Suisse 1,569.64 15 5.86%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,299.77 72 9.73%
2 Citi 6,785.07 56 7.10%
3 Bank of America Merrill Lynch 6,757.41 63 7.07%
4 Barclays 6,374.90 47 6.67%
5 Credit Suisse 6,011.71 44 6.29%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 9,718.26 43 6.26%
2 Citi 9,615.13 40 6.19%
3 JPMorgan 9,533.28 34 6.14%
4 Goldman Sachs 8,943.16 20 5.76%
5 Deutsche Bank 8,857.89 36 5.71%