Retail, media issuers in focus despite low defaults

S&P Global said that consumer products, media and oil and gas were the most represented sectors on its list of ‘weakest links’ in sub-investment grade corporate debt, which remains relatively small in a low default environment.

  • By David Bell
  • 11 Oct 2018

The consumer products sector accounts for the largest proportion of corporates on S&P’s latest list of “weakest links”, the agency said on Thursday. The list tracks companies rated B- or lower by S&P with a negative outlook, which it said have an eight times higher default rate, historically.

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 19,012.51 88 7.60%
2 JPMorgan 16,881.55 58 6.75%
3 Deutsche Bank 15,679.29 58 6.27%
4 Credit Agricole CIB 14,083.69 66 5.63%
5 Goldman Sachs 13,902.00 61 5.56%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Goldman Sachs 5,527.11 43 7.83%
2 BNP Paribas 4,918.81 57 6.97%
3 Deutsche Bank 4,372.15 44 6.19%
4 JPMorgan 3,977.60 45 5.64%
5 Credit Suisse 3,757.05 40 5.32%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%