Corporate bond investors see spreads widening as supply grows

January and February, particularly the latter, were quiet months for corporate bond new issuance in Europe. However, March is lining up to be the busiest month of 2018 so far in both investment grade and high yield markets, and that is starting to worry investors.

  • By Nigel Owen, Victor Jimenez
  • 14 Mar 2018
“The bond markets managed their way through the equity and rates volatility,” said a portfolio manager at a London asset management firm. “And we are all keeping an eye on September and the end of quantitative easing. But what we don’t need on top of that is a ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 64,325.57 311 5.96%
2 Bank of America Merrill Lynch 62,435.53 301 5.79%
3 Citi 50,207.52 296 4.65%
4 Barclays 48,982.42 189 4.54%
5 Goldman Sachs 45,814.69 180 4.25%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 14,879.05 62 9.22%
2 SG Corporate & Investment Banking 11,949.59 52 7.41%
3 Deutsche Bank 11,409.70 49 7.07%
4 Goldman Sachs 10,070.57 26 6.24%
5 JPMorgan 9,535.19 43 5.91%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,112.58 35 7.79%
2 JPMorgan 2,667.48 29 6.68%
3 Credit Suisse 2,291.44 22 5.74%
4 Goldman Sachs 2,130.55 21 5.34%
5 Deutsche Bank 1,993.88 21 4.99%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,362.60 98 9.90%
2 Citi 9,045.27 76 7.24%
3 Barclays 8,801.09 64 7.05%
4 Bank of America Merrill Lynch 8,770.59 82 7.02%
5 Goldman Sachs 8,019.67 66 6.42%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 14,396.56 66 6.12%
2 BNP Paribas 13,877.33 58 5.90%
3 Barclays 13,298.05 41 5.65%
4 JPMorgan 13,217.04 47 5.62%
5 Deutsche Bank 13,176.50 54 5.60%