Confusing data picture in the euro HY market

In the high yield bond market, borrowers have returned after a couple of weeks with almost no issuance because of mounting worries over covenant quality. But investors are giving these deals such differing receptions that this week’s picture is hard to read, said market participants.

  • By Victor Jimenez
  • 08 Nov 2018
While a double-B rated bond from flooring group Victoria plc was cancelled on Tuesday, single-B rated offerings to refinance dividends like Verisure’s new €1bn bond or a debut bond from IDG, the Italian interior design firm, are reaching the pricing stage, despite many of their covenants being looser ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 18,944.37 86 7.87%
2 JPMorgan 15,967.87 54 6.63%
3 Deutsche Bank 15,191.25 54 6.31%
4 Credit Agricole CIB 13,287.71 61 5.52%
5 Goldman Sachs 12,997.24 58 5.40%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,404.19 42 7.74%
2 BNP Paribas 4,918.81 57 7.04%
3 Deutsche Bank 4,345.09 43 6.22%
4 JPMorgan 3,950.54 44 5.65%
5 Credit Suisse 3,757.05 40 5.38%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 20,123.74 153 10.15%
2 Goldman Sachs 15,830.49 107 7.98%
3 Credit Suisse 13,629.27 97 6.87%
4 Bank of America Merrill Lynch 13,267.41 122 6.69%
5 Citi 13,132.03 109 6.62%