Johnson Controls taps into year end defensive play

Irish headquartered US energy technology company Johnson Controls sold the shortest corporate bond deal of the week on Tuesday, tapping into the pool of investor money looking for a safe option into the end of the year.

  • By Nigel Owen
  • 30 Nov 2017

“This was a safe haven trade,” said a syndicate manager from one of the lead managers on the deal.

Commerzbank, Danske Bank and UniCredit were mandated as leads and announced the expected €500m transaction with initial price thoughts of 45bp over mid-swaps.

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5 HSBC 8,701.89 49 5.86%

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5 Goldman Sachs 7,339.26 62 6.32%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 12,363.49 54 6.16%
2 Citi 11,913.13 50 5.93%
3 JPMorgan 11,611.56 43 5.78%
4 Goldman Sachs 11,250.97 27 5.60%
5 Deutsche Bank 11,180.50 48 5.57%