Brexit upheaval scuppers Co-op tender

The Co-operative Group pulled out of a new bond issue and took the rare step of cancelling a tender offer this week, with bankers pinning the blame on the UK’s Brexit brouhaha.

  • By Mike Turner
  • 22 Nov 2018

Co-op announced on Wednesday that it was terminating the tender offer on its £450m 2020 notes. The bond initially paid 5.625% on printing, but now pays a 6.875% coupon after an interest rate step up.

The company planned to print a fresh bond to finance the tender offer, and ...

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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 5,789.90 38 7.24%
2 Credit Agricole CIB 5,356.91 28 6.70%
3 Deutsche Bank 5,287.08 28 6.61%
4 JPMorgan 5,144.14 22 6.43%
5 Goldman Sachs 4,189.40 23 5.24%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 2,970.40 18 8.22%
2 Citi 2,605.77 18 7.21%
3 BNP Paribas 2,567.12 24 7.10%
4 JPMorgan 2,522.43 19 6.98%
5 Goldman Sachs 2,128.73 17 5.89%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 14,300.49 115 9.86%
2 Citi 13,126.25 106 9.05%
3 Bank of America Merrill Lynch 10,825.27 91 7.46%
4 Goldman Sachs 10,521.81 79 7.25%
5 Morgan Stanley 8,720.88 66 6.01%