Basis swap move provokes sterling action

The sterling corporate bond market has enjoyed its busiest two weeks of 2018 as a number of non-domestic funders decided the move in the cross currency basis swap to a five year high was too good to be ignored.

  • By Nigel Owen
  • 12 Jul 2018
The 10 year sterling basis swap had moved from minus 10bp in January to plus 14bp at the start of July, which alerted issuers to the competitive nature of issuing bonds in the currency. That level of plus ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 19,676.26 84 6.77%
2 Barclays 16,641.25 57 5.73%
3 Deutsche Bank 15,876.14 61 5.46%
4 JPMorgan 15,220.23 66 5.24%
5 Goldman Sachs 12,743.02 54 4.39%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 4,066.72 15 6.71%
2 Santander 4,047.54 15 6.68%
3 Commerzbank Group 4,022.30 14 6.63%
4 Citi 3,954.17 16 6.52%
5 Barclays 3,941.54 11 6.50%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 646.47 4 13.48%
2 Deutsche Bank 449.87 3 9.38%
3 UniCredit 362.37 2 7.55%
3 Intesa Sanpaolo SpA 362.37 2 7.55%
5 BNP Paribas 336.21 2 7.01%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,716.46 25 11.02%
2 JPMorgan 2,986.37 22 8.86%
3 Morgan Stanley 2,561.24 18 7.60%
4 Credit Suisse 2,420.50 16 7.18%
5 Goldman Sachs 2,387.34 18 7.08%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Barclays 4,861.67 14 6.28%
2 Citi 4,852.98 13 6.27%
3 Credit Agricole CIB 4,251.08 17 5.49%
4 Deutsche Bank 4,227.09 12 5.46%
5 SG Corporate & Investment Banking 3,791.79 15 4.90%