Ford and Deutsche Bahn steer fixed investors to FRNs

Ford Motor Credit Co, the financial services arm of the US motor company, and Deutsche Bahn raised a combined €1.5bn from floating rate notes this week, attracting demand from the traditional fixed rate buyer base with four and seven year maturities.

  • By Nigel Owen
  • 30 Nov 2017

Ford announced a dual tranche corporate bond deal on Monday comprising two floating rate notes. On Tuesday, German state-owned railway company Deutsche Bahn followed with another floater.

“Investors are getting more and more comfortable with FRNs,” said a syndicate manager on the Ford deal. “At the end of the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 58,580.17 277 6.35%
2 Bank of America Merrill Lynch 55,573.97 260 6.02%
3 Citi 45,816.37 270 4.97%
4 Barclays 44,022.95 167 4.77%
5 Goldman Sachs 43,190.26 167 4.68%

Bookrunners of Euro Denominated Corporate IG Bonds

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1 BNP Paribas 14,529.66 58 9.48%
2 SG Corporate & Investment Banking 11,253.99 46 7.34%
3 Deutsche Bank 10,298.29 46 6.72%
4 Goldman Sachs 10,065.64 26 6.56%
5 JPMorgan 9,061.47 40 5.91%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 2,858.53 33 8.02%
2 JPMorgan 2,667.48 29 7.48%
3 Credit Suisse 2,291.44 22 6.43%
4 Goldman Sachs 2,130.55 21 5.98%
5 Deutsche Bank 1,993.88 21 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 11,652.56 91 9.82%
2 Citi 8,822.41 74 7.44%
3 Barclays 8,072.49 58 6.81%
4 Goldman Sachs 7,786.76 64 6.56%
5 Bank of America Merrill Lynch 7,654.81 72 6.45%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 13,723.63 55 6.28%
2 HSBC 12,981.78 56 5.94%
3 JPMorgan 12,943.93 45 5.93%
4 Barclays 12,751.33 39 5.84%
5 Citi 12,037.82 51 5.51%