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 19,416.85 91 7.59%
2 JPMorgan 16,386.55 57 6.40%
3 Deutsche Bank 15,760.57 59 6.16%
4 Credit Agricole CIB 14,532.27 68 5.68%
5 Goldman Sachs 14,155.41 61 5.53%

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 7.80%
2 BNP Paribas 4,918.81 57 6.94%
3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

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%