Investors see more volatility to come without bank safety nets

2018 has proven a difficult year for the IG corporate bond market so far. Instead of the smooth waters of 2017, conditions have been more choppy and issuers and their syndicates have had to navigate a more careful path to market and often paying more to insulate investors from secondary market volatility. However, there are likely to be more difficult conditions ahead with fewer support mechanisms available.

  • By Nigel Owen, Victor Jimenez
  • 21 Mar 2018

“I expect to see a repeat of these recent fluctuations,” said a Frankfurt based fund manager. “The interplay between equities, rates and credit has more to play out, and when the cash market drops we may be in for some scary times.”

“In February the cash market ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 95,253.86 434 5.85%
2 Bank of America Merrill Lynch 94,393.61 415 5.80%
3 Citi 78,956.05 419 4.85%
4 Barclays 68,899.09 269 4.23%
5 Goldman Sachs 65,693.46 254 4.04%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 21,423.94 96 8.95%
2 Deutsche Bank 18,365.60 68 7.67%
3 SG Corporate & Investment Banking 16,706.78 76 6.98%
4 UniCredit 13,741.30 62 5.74%
5 Credit Agricole CIB 11,502.58 55 4.80%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 4,034.08 48 7.15%
2 Deutsche Bank 3,636.44 36 6.44%
3 Goldman Sachs 3,623.05 30 6.42%
4 JPMorgan 3,438.62 37 6.09%
5 Credit Suisse 3,205.50 33 5.68%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16,977.21 134 10.01%
2 Credit Suisse 12,625.91 87 7.45%
3 Citi 11,806.35 100 6.96%
4 Goldman Sachs 11,663.33 87 6.88%
5 Bank of America Merrill Lynch 11,499.82 106 6.78%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 22,551.58 94 6.09%
2 HSBC 21,483.83 91 5.80%
3 Barclays 21,278.61 72 5.75%
4 Deutsche Bank 20,213.08 82 5.46%
5 Citi 19,733.56 80 5.33%