Double-B HY issuers cut costs despite spread widening

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.

  • By Victor Jimenez
  • 26 Apr 2018

Two double-B rated deals in the European leveraged finance market this week showed that demand for that rating is strong, even if investors have been showing more appetite for riskier credits recently.

“The window for opportunistic deals in the double-B area isn’t as open as it has been for ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 6,620.51 23 6.79%
2 Credit Agricole CIB 6,017.39 25 6.17%
3 BNP Paribas 5,819.50 23 5.97%
4 UniCredit 5,441.24 29 5.58%
5 Barclays 5,356.27 15 5.49%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,858.53 33 8.02%
2 JPMorgan 2,667.48 29 7.48%
3 Credit Suisse 2,291.44 22 6.43%
4 Goldman Sachs 2,130.55 21 5.98%
5 Deutsche Bank 1,993.88 21 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11,652.56 91 9.82%
2 Citi 8,822.41 74 7.44%
3 Barclays 8,072.49 58 6.81%
4 Goldman Sachs 7,786.76 64 6.56%
5 Bank of America Merrill Lynch 7,654.81 72 6.45%