Vodafone pays up for treble as weakening tone hits primary market

Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the last few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.

  • By Nigel Owen
  • 15 Nov 2017

On Wednesday morning, the iTraxx Europe Total Return Index, which represents the spreads of investment grade credit, was 3bp wider than a week earlier, while its crossover equivalent was 28bp wider.

“In the US market issuers already adjusted to the weaker tone by providing more attractive terms ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 57,849.16 274 6.40%
2 Bank of America Merrill Lynch 52,220.94 256 5.78%
3 Citi 45,479.43 267 5.03%
4 Goldman Sachs 43,038.19 165 4.76%
5 Barclays 40,901.56 164 4.53%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 14,719.37 60 9.52%
2 SG Corporate & Investment Banking 11,443.69 48 7.40%
3 Deutsche Bank 10,370.82 47 6.71%
4 Goldman Sachs 9,947.03 25 6.44%
5 JPMorgan 9,133.99 41 5.91%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,858.53 33 8.03%
2 JPMorgan 2,667.48 29 7.49%
3 Credit Suisse 2,291.44 22 6.44%
4 Goldman Sachs 2,130.55 21 5.98%
5 Deutsche Bank 1,993.88 21 5.60%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,523.06 89 9.83%
2 Citi 8,772.90 73 7.49%
3 Barclays 8,022.99 57 6.85%
4 Goldman Sachs 7,786.76 64 6.64%
5 Bank of America Merrill Lynch 7,574.81 71 6.46%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 13,788.65 56 6.66%
2 JPMorgan 12,891.77 45 6.23%
3 Citi 11,913.13 50 5.75%
4 Deutsche Bank 11,619.66 50 5.61%
5 Goldman Sachs 11,398.08 28 5.50%