Carillion contagion contained but IG awaits true test

Investment grade loan bankers are keeping an eye on the Carillion scandal this week, though so far they are confident that the company’s failure will not impact the UK loan market beyond the banks immediately caught up in the affair. Meanwhile, leveraged debt markets in Europe are off to a roaring start to the year.

  • By Michael Turner, Ralph Sinclair, Victor Jimenez
  • 17 Jan 2018


Carillion’s lenders look set for some big losses on their loan books after the UK government contractor went into liquidation this week.

However, bankers remain upbeat that the fallout will be contained to the borrower and will not create a fearful sentiment across the market. “So far,” said one ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 13,447.51 80 5.51%
2 Bank of America Merrill Lynch 13,357.85 72 5.47%
3 JPMorgan 12,634.37 66 5.18%
4 Deutsche Bank 11,223.90 52 4.60%
5 BNP Paribas 10,639.25 48 4.36%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 5,332.16 20 12.18%
2 Deutsche Bank 4,147.60 17 9.47%
3 Bank of America Merrill Lynch 2,718.56 9 6.21%
4 UniCredit 2,637.10 11 6.02%
5 SG Corporate & Investment Banking 2,365.25 11 5.40%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 807.11 8 8.39%
2 Morgan Stanley 732.63 4 7.62%
3 Goldman Sachs 657.29 6 6.83%
4 Credit Suisse 577.70 7 6.01%
5 JPMorgan 572.76 6 5.96%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,899.63 30 8.58%
2 JPMorgan 3,874.29 30 8.53%
3 Credit Suisse 3,350.85 23 7.37%
4 Wells Fargo Securities 3,129.35 23 6.89%
5 Bank of America Merrill Lynch 2,721.10 26 5.99%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 5,027.03 18 9.90%
2 Deutsche Bank 3,888.62 16 7.66%
3 JPMorgan 2,673.61 9 5.27%
4 SG Corporate & Investment Banking 2,480.92 11 4.89%
5 Bank of America Merrill Lynch 2,451.71 7 4.83%