VW bondholders benefit at shareholders' expense

It is sometimes said that bondholders are treated like second class citizens at the expense of equity holders. But this week equity holders in Volkswagen should be knocking on its treasurer’s door, asking how investors in the latest bond deal were able to command such a premium for buying new debt.

  • By Nigel Owen
  • 15 Nov 2018
In the recent years of quantitative easing, low interest rates and slow growth, corporates have taken the chance to raise cheap funding to help fund share buy-backs, giving shareholders a much better yield than the one bondholders are ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 345,651.05 1349 8.09%
2 JPMorgan 341,748.87 1469 8.00%
3 Bank of America Merrill Lynch 306,869.45 1064 7.18%
4 Barclays 258,170.48 974 6.04%
5 Goldman Sachs 227,691.73 773 5.33%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 48,305.28 204 6.53%
2 JPMorgan 46,311.15 105 6.26%
3 UniCredit 40,488.91 181 5.48%
4 SG Corporate & Investment Banking 38,348.83 146 5.19%
5 Credit Agricole CIB 37,171.96 185 5.03%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,514.87 63 9.19%
2 Goldman Sachs 13,469.15 66 8.53%
3 Citi 9,971.36 58 6.32%
4 Morgan Stanley 8,572.10 54 5.43%
5 UBS 8,414.70 37 5.33%