US PP market relishes its resilience, looks on to the March of Brexit

The US private placement (US PP) market considers itself well placed for the volatility surrounding Britain’s expected departure of the European Union on March 29, and participants expect additional deal flow as a consequence.

  • By Silas Brown
  • 06 Nov 2018

“Look at 2008,” said one US PP investor in London. “When public markets shut, the US PP stayed open — other markets will be much worse around March.”

In times of market turmoil, PPs are often the most stress free way to raise debt. Investors don’t mark securities ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 44,108.59 212 5.60%
2 Citi 41,929.67 199 5.33%
3 Bank of America Merrill Lynch 39,961.63 196 5.08%
4 Barclays 36,376.87 152 4.62%
5 Deutsche Bank 31,434.19 150 3.99%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 12,052.82 29 9.32%
2 SG Corporate & Investment Banking 9,231.34 34 7.14%
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4 Bank of America Merrill Lynch 8,791.13 27 6.79%
5 BNP Paribas 8,096.49 41 6.26%

Bookrunners of European HY Bonds

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1 JPMorgan 1,686.47 13 9.63%
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5 Citi 1,134.67 10 6.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 9,636.80 71 10.46%
2 Citi 9,049.24 65 9.82%
3 Bank of America Merrill Lynch 6,185.97 48 6.72%
4 Goldman Sachs 6,080.77 44 6.60%
5 Morgan Stanley 5,699.31 38 6.19%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 8,582.70 34 5.51%
2 Citi 8,191.99 30 5.25%
3 Barclays 7,869.78 33 5.05%
4 BNP Paribas 7,662.88 39 4.92%
5 Credit Agricole CIB 7,416.07 38 4.76%