Whirlpool hung out with the washing, M&A uncertainty forces Innogy to pay up

On Wednesday, US electrical appliance manufacturer Whirlpool became the second investment grade corporate borrower to pull a deal in a week. German energy company Innogy and Whirlpool both found the corporate bond market tough going on Wednesday, despite having employed two-day marketing strategies. Whirlpool, however, took the hardest hit.

  • By Nigel Owen
  • 23 May 2018

Whirlpool had held an investor update call on Tuesday, ahead of launching its deal on Wednesday. It told the market it planned to sell a benchmark euro 10 year deal – the same tenor the issuer had chosen on its previous two visits to the euro market.

In October ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 96,950.75 438 5.87%
2 Bank of America Merrill Lynch 96,339.88 420 5.84%
3 Citi 80,636.38 424 4.89%
4 Barclays 70,395.85 272 4.26%
5 Goldman Sachs 66,323.53 257 4.02%

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%