Wider spreads here to stay, say leverage finance investors

Buyers of speculative grade debt in Europe have entered August with renewed confidence and the hope that spreads can hold their recent widening during the second half of the year.

  • By Victor Jimenez
  • 08 Aug 2018

In the bond market, high yield spreads over investment grade notes have risen to 240bp. Similar spread differential can only be found going back three years to 2015, which ended with high yield bonds trading at some 400bp on average over investment grade bonds.

But over the past ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 1,395.77 5 10.52%
2 BNP Paribas 992.22 10 7.48%
3 Credit Agricole CIB 974.78 7 7.34%
4 JPMorgan 846.50 2 6.38%
5 Deutsche Bank 835.67 6 6.30%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 799.80 6 9.13%
2 Deutsche Bank 710.75 5 8.11%
3 JPMorgan 703.06 6 8.02%
4 BNP Paribas 554.64 4 6.33%
5 Goldman Sachs 489.41 4 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 6,897.71 44 11.44%
2 JPMorgan 5,722.96 42 9.50%
3 Bank of America Merrill Lynch 4,628.16 33 7.68%
4 Goldman Sachs 4,199.43 29 6.97%
5 Morgan Stanley 4,092.86 26 6.79%