Recordati HY bond wins over global vol

Milanese pharmaceutical firm Recordati was out with its CVC buyout funding this week — a €1.3bn bond, in a European high yield market that has mostly ignored Italy’s political fights. But on Thursday, volatility went global and investors started pressing for concessions. Recordati went ahead regardless, and priced on guidance.

  • By Victor Jimenez
  • 12 Oct 2018

It took a severe sell-off in equity markets throughout Asia, Europe and the US for the euro high yield bond market to start showing signs of stress.

After a flat week, the Markit Crossover index, a benchmark for investor expectations on risk-reward, rose 12bp to 300bp on ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 5,767.46 29 6.76%
2 BNP Paribas 5,717.79 39 6.70%
3 Deutsche Bank 5,679.95 31 6.66%
4 JPMorgan 5,537.01 25 6.49%
5 Goldman Sachs 4,305.16 24 5.05%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.84%
2 Citi 2,783.23 20 7.35%
3 BNP Paribas 2,674.33 25 7.06%
4 JPMorgan 2,522.43 19 6.66%
5 Goldman Sachs 2,198.98 18 5.81%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 15,420.99 125 10.06%
2 Citi 13,883.41 115 9.06%
3 Bank of America Merrill Lynch 11,558.58 98 7.54%
4 Goldman Sachs 11,257.39 86 7.34%
5 Morgan Stanley 8,872.63 68 5.79%