Investors seeing value as spreads start to disperse and UK rate rise looms

The new issue market has been stumbling from short issuance window to short issuance window since the start of June, with the periods of no issuance in between often seeing corporate bond spreads widen. That widening however, has started to create a perception among investors that there is value to be had.

  • By Nigel Owen
  • 11 Jul 2018

“The widening has created both value and a decompression of spreads between asset classes,” said London-based Marilyn Watson, head of global fundamental fixed income strategy at American investment management firm BlackRock. “We have shortened duration and increased quality, but we are starting to see value.”

“Recent moves ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 75,347.35 359 5.91%
2 Bank of America Merrill Lynch 74,239.03 342 5.83%
3 Citi 62,167.71 351 4.88%
4 Barclays 58,729.13 218 4.61%
5 Goldman Sachs 50,207.03 203 3.94%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 18,045.93 79 9.43%
2 SG Corporate & Investment Banking 13,968.96 63 7.30%
3 Deutsche Bank 12,777.94 56 6.67%
4 UniCredit 10,968.94 48 5.73%
5 HSBC 10,482.96 60 5.48%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 3,647.43 42 7.27%
2 JPMorgan 3,279.22 34 6.53%
3 Deutsche Bank 3,153.00 28 6.28%
4 Credit Suisse 2,939.41 27 5.86%
5 Goldman Sachs 2,892.87 27 5.76%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 13,575.71 111 9.62%
2 Citi 10,815.50 91 7.67%
3 Goldman Sachs 9,536.47 76 6.76%
4 Bank of America Merrill Lynch 9,455.18 88 6.70%
5 Barclays 9,449.01 71 6.70%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 18,928.06 77 6.44%
2 Barclays 17,915.82 53 6.09%
3 HSBC 17,859.84 77 6.07%
4 Citi 15,926.05 64 5.42%
5 JPMorgan 15,445.30 54 5.25%