US high yield at 10 year tights as retail cash returns

US high yield spreads touched the tightest levels seen in over a decade this week, with the return of mutual and retail fund flows and sluggish supply creating attractive financing conditions for the few borrowers that emerged.

  • By David Bell
  • 11 Jan 2018

After weeks of fund outflows from the US high yield sector, retail funds are rushing back to the high yield market, helping to drive spreads to their tightest level in a decade.

According to a JP Morgan note, high yield retail funds reported $2.4bn of inflows to the ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 30,388.71 99 8.63%
2 BNP Paribas 22,463.54 135 6.38%
3 Deutsche Bank 17,970.47 100 5.10%
4 Goldman Sachs 17,954.81 74 5.10%
5 HSBC 16,143.35 101 4.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 472.73 3 8.70%
2 Goldman Sachs 460.40 3 8.48%
3 Credit Suisse 417.53 4 7.69%
4 Barclays 413.98 4 7.62%
5 Credit Agricole CIB 353.26 2 6.50%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 1,942.03 15 9.59%
2 Bank of America Merrill Lynch 1,559.21 15 7.70%
3 Wells Fargo Securities 1,535.51 14 7.58%
4 JPMorgan 1,388.05 13 6.85%
5 Morgan Stanley 1,381.20 11 6.82%