Investors continue to lap up hybrids with more supply and low rates expected

Italian energy company Enel received €3n of orders for €1.25bn of new hybrid bonds on Tuesday. This showed the insatiable appetite of investors for the product with the enhanced yield it offers and ratings agency Scope expects 2018 to record much more supply that the previous two years.

  • By Nigel Owen, Victor Jimenez
  • 16 May 2018

“It is definitely a product we like,” said an investment analyst at an investment management company in London. “The structures are becoming fairly generic now and we like the returns we can get from them compared to senior bonds.”

“When the coupons got below 2% in late ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 58,580.17 277 6.35%
2 Bank of America Merrill Lynch 55,573.97 260 6.02%
3 Citi 45,816.37 270 4.97%
4 Barclays 44,022.95 167 4.77%
5 Goldman Sachs 43,190.26 167 4.68%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 14,529.66 58 9.48%
2 SG Corporate & Investment Banking 11,253.99 46 7.34%
3 Deutsche Bank 10,298.29 46 6.72%
4 Goldman Sachs 10,065.64 26 6.56%
5 JPMorgan 9,061.47 40 5.91%

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%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 13,723.63 55 6.28%
2 HSBC 12,981.78 56 5.94%
3 JPMorgan 12,943.93 45 5.93%
4 Barclays 12,751.33 39 5.84%
5 Citi 12,037.82 51 5.51%