Volatility clips US high yield wings

Equity market turmoil has brought the US high yield market down from exuberant levels, but some investors have welcomed the move and are confident that primary market activity will soon pick up, despite one borrower scrapping a deal on Tuesday.

  • By David Bell
  • 07 Feb 2018

After a strong rally saw high yield spreads driven to their tightest levels since the financial crisis in January, volatility in the equities markets in recent days has blown some of the froth off the top of the market.

High yield bond yields and spreads hit 6.40% ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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 %
  • Last updated
  • Today
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%