Philip Morris targets euro double after dollar treble

On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.

  • By Nigel Owen
  • 03 Nov 2017

The US deal offered investors the choice of two year, five year or 10 year bonds, whereas euro investors were offered seven year and 20 year options.

The A2/A/A rated issuer sold a 20 year deal on its last visit to the euro market, in May 2016. ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 76,064.87 362 5.94%
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3 Citi 62,267.71 352 4.86%
4 Barclays 58,729.13 218 4.58%
5 Goldman Sachs 51,079.98 204 3.99%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 18,740.11 80 9.75%
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5 HSBC 10,482.96 60 5.46%

Bookrunners of European HY Bonds

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1 BNP Paribas 3,647.43 42 7.16%
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4 Deutsche Bank 3,153.00 28 6.19%
5 Credit Suisse 2,939.41 27 5.77%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,575.71 111 9.62%
2 Citi 10,815.50 91 7.67%
3 Goldman Sachs 9,536.47 76 6.76%
4 Bank of America Merrill Lynch 9,455.18 88 6.70%
5 Barclays 9,449.01 71 6.70%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,622.23 78 6.63%
2 HSBC 18,375.09 79 6.21%
3 Barclays 17,915.82 53 6.05%
4 Citi 15,926.05 64 5.38%
5 JPMorgan 15,860.55 55 5.36%