Euro PP buyers lean to loans as MAR and MiFID bite

Euro private placement (Euro PP) transactions can be structured as loans or as bonds, depending on the preferences of both parties. But some smaller investors have withdrawn from the bond format, concerned that it brings them into the scope of MiFID II and of MAR, though market participants are hatching plans to bring them back.

  • By Silas Brown
  • 05 Jul 2018


“Some second tier Euro PP investors are cautious because they fear the possibility of wall crossing,” said a Euro PP lawyer in Paris. “If the investor is approached by an arranger soliciting interest based on an issuer’s private input, then MAR could be breached. This makes it harder ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 121,520.09 531 6.00%
2 Bank of America Merrill Lynch 120,082.12 506 5.93%
3 Citi 97,515.24 509 4.81%
4 Barclays 82,683.05 332 4.08%
5 Goldman Sachs 81,894.66 314 4.04%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 27,590.77 120 8.95%
2 Deutsche Bank 21,930.45 80 7.11%
3 SG Corporate & Investment Banking 19,469.33 94 6.31%
4 HSBC 17,074.35 90 5.54%
5 UniCredit 16,300.95 75 5.29%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,404.19 42 7.74%
2 BNP Paribas 4,918.81 57 7.04%
3 Deutsche Bank 4,345.09 43 6.22%
4 JPMorgan 3,950.54 44 5.65%
5 Credit Suisse 3,757.05 40 5.38%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,123.74 153 10.15%
2 Goldman Sachs 15,830.49 107 7.98%
3 Credit Suisse 13,629.27 97 6.87%
4 Bank of America Merrill Lynch 13,267.41 122 6.69%
5 Citi 13,132.03 109 6.62%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,248.54 116 6.15%
2 BNP Paribas 26,642.60 114 5.80%
3 Barclays 25,943.52 91 5.65%
4 JPMorgan 25,634.91 84 5.58%
5 Deutsche Bank 24,198.66 96 5.27%