Corporate hybrids still tempting for investors

The European investment grade corporate bond market is still returning to full health on a day by day and deal by deal basis. On Tuesday, it took another step forward as Austrian oil and gas company OMV sold the first hybrid bond for a month and found investors still favouring the higher yielding asset class.

  • By Nigel Owen
  • 13 Jun 2018


“We have been a fan of hybrids for some time,” said a London-based fixed income portfolio manager at a global asset manager . “There was a period at the back end of last year where the coupons got questionably tight, but now they are back to more sensible ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 67,938.00 314 6.11%
2 Bank of America Merrill Lynch 67,202.94 309 6.05%
3 Citi 51,621.23 301 4.65%
4 Barclays 51,076.84 194 4.60%
5 Goldman Sachs 48,927.10 182 4.40%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,574.99 64 9.74%
2 SG Corporate & Investment Banking 12,201.63 53 7.17%
3 Deutsche Bank 11,409.70 49 6.70%
4 Goldman Sachs 10,070.57 26 5.92%
5 JPMorgan 9,535.19 43 5.60%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,908.04 34 7.69%
2 JPMorgan 2,667.48 29 7.05%
3 Credit Suisse 2,342.19 23 6.19%
4 Goldman Sachs 2,130.55 21 5.63%
5 Deutsche Bank 1,993.88 21 5.27%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 12,362.60 98 9.89%
2 Citi 9,045.27 76 7.23%
3 Barclays 8,801.09 64 7.04%
4 Bank of America Merrill Lynch 8,770.59 82 7.01%
5 Goldman Sachs 8,019.67 66 6.41%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 17,636.43 68 6.78%
2 JPMorgan 16,204.87 48 6.23%
3 BNP Paribas 15,573.26 60 5.98%
4 Barclays 15,132.81 44 5.82%
5 Goldman Sachs 14,537.98 31 5.59%